Dole Completes Sale of Worldwide Packaged Foods and Asia Fresh Businesses

  Dole Completes Sale of Worldwide Packaged Foods and Asia Fresh Businesses

                    New Dole Financial and Business Update

Business Wire

WESTLAKE VILLAGE, Calif. -- April 1, 2013

Dole Food Company, Inc. (NYSE: DOLE) today announced completion of the sale of
its worldwide packaged foods and Asia fresh businesses to ITOCHU Corporation
for $1.685 billion cash, resulting in a major portion of Dole’s operations and
assets being sold, including exclusive rights to the DOLE® brand on certain
packaged food products worldwide and on certain fresh produce in Asia,
Australia and New Zealand.

“This transformative transaction results from our comprehensive strategic
review of Dole’s businesses announced May 3, 2012, aimed at enhancing
shareholder value, and was approved by our stockholders December 6, 2012,”
said David H. Murdock, Dole’s Chairman and CEO. “The Dole operations will no
longer include the worldwide packaged foods and Asia fresh businesses, which
for fiscal 2011 represented approximately 34% of Dole’s revenues and 56% of
its operating income.”

The new Dole will have a smaller footprint as a commodity produce company with
overall revenue in the $4.2 billion range with two lines of business: fresh
fruit and fresh vegetables. “Dole will remain an industry leader in the
sourcing, distribution and marketing of bananas, pineapples and other tropical
and deciduous fruits, packaged salads, fresh-packed vegetables and fresh
berries,” said C. Michael Carter, Dole’s President and Chief Operating
Officer. “We are excited and very optimistic about the long-term future of the
new Dole and its prospects.”

Dole has put in place a new capital structure which, together with the
proceeds from the sale transaction, was used to pay off Dole’s existing
indebtedness of approximately $1.7 billion, to pay transaction-related taxes,
costs and expenses, and to pay for the extinguishment of all of its long-term
Japanese yen hedges and the European Commission’s fine of €45.6 million; and
provides funding for the anticipated right-sizing of the new Dole and other
post-closing restructuring expenses, and the possible resolution of the
previously disclosed Honduras tax case and the DBCP cases.

“We are pleased to announce Dole’s new credit facility with five of our
banking partners, which includes a $500 million term loan and a $150 million
revolving credit facility,” said Carter. “The new credit facility provides
needed flexibility to enhance shareholder value and to meet future competitive
challenges as we launch the new Dole. Dole’s resulting net leverage ratio is
approximately 2.5x (based on the new debt structure and Dole’s 2013 Adjusted
EBITDA guidance), and Dole will benefit from a significant reduction in
interest expense.”

Dole recently announced plans to appeal to the EU Court of Justice the
decision by the EU General Court affirming the European Commission’s fine of
€45.6 million, for alleged anticompetitive information exchanges involving
Dole Fresh Fruit Europe OHG and other EU banana importers in Germany 10 years
ago. “Our first quarter 2013 financial results will include an additional
provision of $42 million to fully provide for the results of this decision,”
said Carter. “We strongly believe that the European competition laws were not

Dole Food Company, with 2012 revenues from continuing operations of $4.2
billion, is one of the world’s largest producers and marketers of high-quality
fresh fruit and fresh vegetables. Dole is an industry leader in many of the
products it sells, as well as in nutrition education and research. For more
information, please visit or

This release contains “forward-looking statements,” within the meaning of the
Private Securities Litigation Reform Act of 1995 that involve a number of
risks and uncertainties. Forward-looking statements, which are based on
management’s current expectations, are generally identifiable by the use of
terms such as “may,” “will,” “expects,” “believes,” “intends,” “anticipates”
and similar expressions. The potential risks and uncertainties that could
cause actual results to differ materially from those expressed or implied
herein include weather-related phenomena; market responses to industry volume
pressures; product and raw materials supplies and pricing; energy supply and
pricing; changes in interest and currency exchange rates; economic crises and
security risks in developing countries; international conflict; and quotas,
tariffs and other governmental actions. Further information on the factors
that could affect Dole’s financial results is included in its filings with the


Dole Food Company, Inc.
Beth Potillo, (818) 879-6733
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