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Dole Food Posts Loss on Divestiture Impact

Dole Food Co. (DOLE) swung to a fourth-quarter loss as the fruit-and-vegetable producer recorded weaker fresh-fruit sales due to a divestiture and was hurt by costs related to that deal.Shares slipped 4.5% to $11.20 after hours as the results sharply missed analysts' expectations.Dole will complete the sale of its world-wide packaged foods and Asia fresh produce businesses to Japan's Itochu Corp. (ITOCY, 8001.TO) April 1 in a roughly $1.69 billion deal that aims to improve Dole's focus and reduce its debt. The move followed a strategic review begun in May 2012 after Dole reported a slump in core earnings."While the current environment in the banana market remains challenging, we are optimistic that this transformative sale transaction will leave the new Dole with the financial and operational flexibility to grow in this competitive environment," Dole President and Chief Operating Officer C. Michael Carter said.Dole is retaining its North American fresh-vegetables business and its fresh...

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