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Wednesday, September 19, 2012

Japanese Company Takes A Slice Of Dole Foods For $1.7 Billion

Dole Food Co.'s worldwide packaged foods and Asia fresh produce business was acquired by the Japanese firm, the Itochu Corp. for ¥133,280,000,000 (US/Cdn $1.7-billion).

Please not that this purchase price is not for all of the Dole business, but rather only a segment of Dole Food's overall business.

Itochu, founded in 1858, is a trading company descended from an Ohmi Shonin (traveling merchants - more in 12 hours) in Shiga-ken named Itoh Chubei (surname first) who founded the business as a linen wholesaler.

The purchase consists of Dole’s (headquartered in Westlake Village, California, USA) packaged foods business, including all canned and frozen fruit to bagged salads—product lines that fit with Itochu’s ambitions to become the biggest food distributor in the increasingly affluent Asian market.

Itochu, along with food, is also heavily into mining, oil and consumer goods and darn near everything it can to follow the spirit of sampo yoshi: Good for the seller, good for the buyer, and good for society.

Japan - It's A Wonderful Rife wonders how two simple words can convey so much, but is impressed. We're also impressed that $1.7-billion only got a portion of Dole's business... it's a sign of the times when a couple of billion dollars simply doesn't buy as much as it used to.

Cheers
Andrew Joseph

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