Dole to sell Saba Fresh Cuts
Divestment was condition of European Commission’s approval of Dole/Total Produce deal
Total Produce’s Carl McCann. Photograph: Alan Betson/Irish Times
Fruit and vegetable distributor Total Produce said on Monday that Dole Food Company has entered into an agreement to sell Saba Fresh Cuts AB and Saba Fresh Cuts OY, in line with a request from the European Commission.
The divestment of the division was a condition of the European Commission’s approval of Total Produce’s acquisition of a 45 per cent equity stake in Dole in July 2018 for $300 million. Total Produce is expected to exercise its right to purchase all the shares in US-based Dole Food Company within five years.
BAMA International, which is headquartered in Oslo, Norway, will acquire ready-to-eat salad producer Saba Fresh Cuts AB, with a production facility in Helsingborg Sweden and Saba Fresh Cuts OY, with a production facility in Espoo Finland. No financial details were disclosed.
This transaction is expected to close in the first quarter of 2019, and is subject to approval by the European Commission.