Dole to sell portion of Oahu holdings
Dole Food Co. Inc. plans to sell about 2,000 acres of land on Oahu for approximately $39 million to raise cash for the company, which recorded a $58 million net loss last year.
The California-based company, in a filing with the U.S. Securities and Exchange Commission, said it entered into an agreement in February to sell the land, which is part of its holdings from Wahiawa to Wailua.
The sale is expected to close in the next three to six months, said Marty Ordman, spokesman for Dole Food.
"We're just looking at assets that has either been non-performing or that we don't use," he said. "We're just always looking at various land and other assets to raise some cash for the company."
Ordman wouldn't reveal the exact location of the land or name of the prospective buyer, but said that the parcel is currently used for agricultural purposes and is leased to a third party, which he also wouldn't name until the transaction is completed.
Dole owns a total of 28,000 acres on Oahu, with 2,700 acres used for its pineapple operation and 195 acres used for coffee and cacao.
Ordman said the company is committed to its existing agricultural operations on Oahu and currently doesn't have plans to sell its other holdings here, though it is always evaluating the properties.
Patrick Arthur, a spokesman for Pioneer Hi-Bred International Inc., a DuPont Co. unit that has substantial agricultural operations here, said: "We're not commenting on any purchases or acquisitions at this time, but we're always looking for opportunities for growth."
Monsanto Co., which last April agreed to purchase 2,300 acres of agricultural land in Kunia from the James Campbell Co., isn't involved in acquiring the Dole land, said Paul Koehler, a Monsanto spokesman.
Dole's $58 million net loss on revenue of $6.9 billion for 2007, is down from a net loss of $90 million on revenue of $6.2 billion in the preceding year, according to its latest SEC filing.