Greenyard Says it Has Financing to Make Dole Food Deal

Sint-Katelijne-Waver, Belgium-based Greenyard NV confirmed on December 19 that it is in “advanced negotiations” to acquire Dole Food Co. The Westlake Village, California-headquartered fruit and vegetable producer and marketer is valued at over $2.5 billion.

“At this stage, a definitive agreement has not been reached, and there can be no assurance that these negotiations will culminate in a transaction between the two companies,” announced Greenyard in a prepared statement.

The Belgian company, which is controlled by the Hein Deprez family and is active in the frozen (Pinguin), canned (Noliko) and fresh (UNIVEG) vegetable business sectors, says that it has secured “appropriate financing, and is confident in its ability to complete the transaction with a balanced financing approach, should a definitive agreement be reached.”

Dole, a household name in the Americas, Asia and beyond, is one of the largest producers of pineapples and bananas in the world. The company rang up sales of $4.51 billion while recording a net loss of $23.7 million in 2016.