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Lettuce explain. Sorry, couldn’t help ourselves.
Dole Food Company and Ireland-based Total Produce have announced a sweet new chapter in their lives. Marriage via merger.
The world’s new largest fresh produce company will be incorporating over 250 facilities, including farms, manufacturing and ripening facilities, cold storage, packhouses, marketing and distribution hubs. And leaving their competition in the dust.
Down on the Dole farm: Dole alone owns and operates 112,000 acres of farmland and other holdings worldwide.
With over 170 years of history in fresh produce, the international power couple will be twice the size of its nearest competitor, Fresh Del Monte Produce, and worth nearly $10 billion in 2020 revenue.
Things are moving fast. The two companies already have a bun in the oven they are naming integrated supply chain efficiencies. Everything from growing, sourcing, importing, packaging, marketing, and distributing will be optimized. This not-so-little one is expected to bring what every parent wants, $30-$40 million in annual cost savings.
What’s ahead: The newly-named Dole plc will be incorporated in Ireland, with a global HQ in Dublin. The new mega-fruit and veggie company will be publicly listed on a major stock exchange in the U.S., with plans to raise $500-$700 million.