Total Produce's Dole investment sells salad subsidiaries

Total Produce announced on Monday that its Dole Food Company investment has entered into an agreement to sell both Saba Fresh Cuts AB and Saba Fresh Cuts OY to BAMA International, which is headquartered in Oslo, Norway.

The AIM-traded firm owns 45% of Dole Food Company, through a $300m transaction first announced in February.

It said the sale of Saba Fresh Cuts AB was a condition of the European Commission's approval of the acquisition by Total Produce of the 45% equity stake in Dole, which completed in July.

“Saba Fresh Cuts AB, with a production facility in Helsingborg Sweden and Saba Fresh Cuts OY, with a production facility in Espoo Finland, are producers of washed and ready-to-eat salads,” Total Produce explained in its statement.

The board said the transaction was expected to close in the first quarter of 2019, and was subject to approval by the European Commission.