Dole to Go Public

Dole Food Co. is planning an initial public offering that could raise as much as $500 million. The proceeds will be used to pay off the company’s debt, which as of June 20 was of about $2 billion, according to a regulatory filing. The world’s largest producer of fresh fruit and vegetables, Dole based in Westlake Village, had 2008 revenue of $7.6 billion. Net revenue for the six months that ended June 20 fell by 11 percent to $3.3 billion with net income down 18 percent to $123 million, as the economy has been impacted by the recession. The move to go public is a turnabout for the fruit giant. Majority owner David Murdock, who became Dole’s chief executive in 1985 and is now chairman, took the company private in 2003, in a deal valued at $2.5 billion at the time.