Greenyard Bid to Buy Dole Food Co. Does Not Bear Fruit
Sint-Katelijne-Waver, Belgium-based Greenyard, a major producer and marketer of vegetable and fruit products, has ended negotiations to acquire Dole Food Co. without reaching an agreement. The announcement came on January 5, just a few weeks after Greenyard said that it was in “advanced negotiations” to buy the Westlake Village, California, USA-headquartered company.
“While the acquisition of Dole by Greenyard would have marked a significant milestone for both companies, we are confident that the right strategy and priorities are in place to continue generating profitable growth and strengthen our global leadership position in fruit and vegetables,” stated Hein Deprez, executive chairman of Greenyard. “We pursued all efforts to realize a transaction with financial and strategic merit that would have created value for all stakeholders involved, nevertheless an agreement could not be reached.”
Dole, a household name in the Americas, Europe, 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. It employs more than 74,000 people and offers a range of over 300 fruit and vegetable products that are sold in approximately 90 countries.