U.S.: Raft of changes may be in store for Dole Food Company
The Los Angeles Times has reported Dole Food Company may sell its corporate headquarters and pull out of its Southern California strawberry operations ahead of its upcoming IPO (initial public offering).
The publication drew attention to Dole's plans indicated to state officials in July, claiming it would close a packing and cooling facility in Oxnard, California.
The story also highlighted Dole's statements on Securities and Exchange Commission (SEC) filings that it planned to sell 14,800 acres of unproductive agricultural land on Oahu, Hawaii valued at US$171 million.
These measures are reportedly being taken in a bid to to improve the company's books, which include US$1.3 billion of debt and operations with low margins of less than 1%.
The multinational reported a 3% year-on-year reduction in revenue last year to US$4.5 billion, as well as a net loss of US$23 million.