Dole Food Co. is in advanced negotiations with a Japanese company to sell off its packaged food and Asia fresh foods businesses.
The Westlake Village-based cautioned there were no “definitive agreements” with Itochu Corp. to buy the two business units.
The packaged food division includes the production of canned fruits and fruit juices, snack foods and frozen fruits.
The company has been reviewing its operations for the past few months for a potential sale or spin-off of one of its business units.
For second quarter ending June 16, the packaged food division brought in $291 million in revenue. That is a 7 percent increase from the revenue of $272.3 million for the same period in the prior year.
Itochu Corp., headquartered in Osaka, does business in the food, textile, energy, finance, aerospace and machinery industries.
Mark R. Madler