Dole Food in Talks to Sell Businesses

Negotiations with Japanese firm Itochu could bring in $1.7 billion.

Dan Carroll
Dan Carroll
Sep 12, 2012 at 12:00AM

Fruit and vegetable giant Dole Food (NYSE: DOLE) is reportedly in negotiations to sell two of its businesses to Japanese firm Itochu.

Dole's sale of its global canned-fruit and juice-beverage business, as well as its Asian fruit and vegetable business, could bring in $1.7 billion, according to a Reuters report. The sides have yet to come to an agreement on the deal, however, and Dole has engaged in talks with several parties over the sale of multiple company assets.

The negotiations come as Dole has struggled with low margins and issues including low prices for bananas, the company's biggest-selling product. The company has recently dealt with a recall of salad products  and settled lawsuits regarding an agricultural chemical last week.

Shares of Dole rose to a 52-week high on the news, jumping from a previous high of $13.56 a share to $15.19 in afternoon trading.