Japan’s Itochu to purchase Dole business for $1.7 bnSeptember 18, 2012 - 16:52 AMT PanARMENIAN.Net - Japanese trading company Itochu Corp. said Tuesday it has agreed to buy Dole Food Co.'s worldwide packaged foods and Asia fresh produce businesses for $1.7 billion, AP said. Dole's packaged foods business includes products ranging from canned and frozen fruit to bagged salads — product lines that fit with Itochu's ambitions to become the biggest food distributor in the increasingly affluent Asian market. Westlake Village, California-based Dole had earlier said it was in "advanced negotiations" to sell those parts of its business to Itochu or another party following a strategic review of its operations. Itochu, founded more than 150 years ago, is one of five huge Japanese trading houses whose reach extends into practically every industry, from mining and oil to consumer goods and foods. While many Japanese corporations have floundered through years of economic malaise, the trading houses remain powerful. They have been among the most active in an acquisitions drive by big Japanese companies, including a $3.6 billion purchase, announced in May, of Nebraska-based grains company Gavilon Holdings LLC by Marubeni Corp., another trading house. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Pashinyan’s spokesperson denies intention to visit Baku for COP29 Pashinyan’s agenda doesn’t include a trip to Baku for the COP29 conference, his press secretary Nazeli Baghdasaryan has said. Russia accuses West of preparing invasion of CSTO countries NATO is preparing an invasion of the CSTO countries, the number of provocations in the air is growing, Sergei Shoigu has said. Lithuania sending €100,000 to help Armenia fight floods consequences Armenian Prime Minister Nikol Pashinyan took to social media to thank his Lithuanian counterpart for the contribution. Armenia: Rescue workers restore pedestrian bridge for flood-hit community Rescue workers on Wednesday, June 5 restored a pedestrian bridge in the town of Alaverdi in Armenia’s north. |