The fruit and vegetable company has hired Deutsche Bank Securities Inc. and Wells Fargo Securities LLC to assist it in a strategic review. The company said late Thursday that it is in talks with third parties who have expressed interest in select businesses.
"We are continuing to look at a wide variety of potential alternatives as part of the strategic review of our businesses," David DeLorenzo, Dole's President and CEO, said in a statement. "This review continues to be a company priority in our efforts to enhance shareholder value."
He said the company is considering number of options, including a full or partial separation of one or more of the businesses through a spin-off or other capital markets transaction, as well as joint venture and sale options.
Dole said when it comes to its packaged foods business, it is exploring a possible sale as well as a possible spin-off the unit to current Dole stockholders. The company is also considering a possible separation of the worldwide packaged foods business that would combine with Dole's operations in Asia to form a stand-alone, largely Asia-based company either through a possible joint venture or initial public offering in Asia.
The company expects to secure one or more of these possible transactions by year-end.
Dole, based in Westlake Village, Calif., made the announcements as it reported a better-than-expected profit for its second quarter, although revenue fell short.
(c) 2012 The Associated Press.