Birth of a new global giant

Total Produce, based in Ireland, and US fruit and vegetable producer Dole Food are merging into a single company to form 'Dole plc' which will be listed on the US stock exchange.

 

 

 

Total Produce, which has owned 45% of the US group since 2018, announced that it has reached an agreement with Castle & Cooke, which owns a majority stake in Dole's parent company, Dole Holdings, to form a single company. Dole plc will be the world's No. 1 in fresh produce, with 2020 combined sales estimated at around $ 9.7 billion.

 

 

 

This transaction builds on the fruitful relationship between two leading companies and will allow full operational integration, increased collaboration and value creation. The two organizations have a strategic complementarity in terms of geographic footprint, product range and business model. The combined company will have a balanced geographic presence and the most diverse product portfolio in the fresh produce sector, which will strengthen the overall resilience of the business.

 

 

 

The management teams of Total Produce and Dole will continue to operate the combined business. Carl McCann, current President of Total Produce, will assume the role of President of Dole plc. Rory Byrne, current Managing Director of Total Produce, will become Managing Director of Dole plc. Johan Lindén, current Managing Director of Dole, will become COO of Dole plc.

 

 

 

Dole plc, operating under the Dole brand, will be incorporated in Ireland, with its global headquarters in Dublin, Ireland. Its headquarters for the Americas will be in Charlotte, North Carolina. Following the US listing of Dole plc, Total Produce will cease to be listed on Euronext Dublin and the London Stock Exchange.

 

 

 

The transaction is subject to the approval of Total Produce shareholders, regulatory approvals and customary conditions