Dole Ends Shareholder Partnership with Compagnie Fruitière
It’s been a prolific month so far for Dole Food Company. In its latest move, the company announced the termination of a twenty-one year long shareholder partnership with Compagnie Fruitière, the largest grower of fruit (bananas, pineapple, and tomatoes) in the Africa Caribbean Pacific area.
Dole has sold its minority interest in Compagnie Financiere de Participations, the holding company of Compagnie Fruitière Group, back to its majority shareholder. Dole and Compagnie Fruitière have both decided that they can better pursue their growth objectives separately in the future, according to a press release. Both companies can continue to cooperate commercially as supplier or customer to each other if, when, and where it would be to their mutual benefit, however.
Just last week, Dole announced a number of personnel successions at two of its operating divisions, according to a press release. Howard Roeder was promoted to President of Dole Fresh Vegetables to replace the retiring Ray De Riggi. Cynthia Nunes and Todd Camel were promoted to Vice President and Co-General Manager of Fresh Fruit North America to replace the retiring Michael Cavallero. And finally, John Trummel will report to Dole’s President and COO Michael Carter in his role as Vice President and General Manager of Dole Ocean Cargo Express.
To further improve its operational effectiveness and efficiency, Dole also announced plans to shut down its distribution plant in Gonzales and transfer the work to another plant nearby Marina, according to Monterey Herald. The Gonzales facility is slated to close at the end of June, said Dole spokesman Bill Goldfield.
Late last year, Dole stockholders approved the previously announced merger agreement under which David H. Murdock, Dole’s Chairman and CEO, will acquire approximately 60.5% of the company’s outstanding common stock that he and his affiliates do not already own for $13.50 per share in cash. For more on that story, check out the link below.
Click here to read: Dole Food Company Stockholders Approve Merger
Will there be any further developments in Dole’s restructuring plans? With new management in place, it might be worth speculating that the company might just have something up its sleeve coming up in the near future.
