Dole completes asset sale transactions

Dole Food Company Inc. has completed three asset sale transactions recently that have generated about $100 million in cash to the company as part of its asset sale program. Proceeds have been used to reduce Dole's term bank debt ($34 million) and revolving bank debt ($66 million). These sales bring Dole's total asset sales for 2008 to date to roughly $135 million.

Recent asset sales included about 2,000 of the company's 28,000 acres on the island of Oahu, Hawaii; the Miami FL headquarters building of Dole's Fresh Flowers division; and around 4,300 acres of California orchards that had been owned by entities in which Dole had a combined share of about 65%.