Dole Food Company, Inc. announced today that the previously announced sale of its worldwide packaged foods and Asia fresh produce businesses to ITOCHU Corporation for $1.685 billion in cash, will be completed on April 1, 2013.

Dole and ITOCHU have agreed to this firm fixed closing date at ITOCHU's request, and have extended the term of the definitive acquisition agreement signed by the parties on September 17, 2012, to the April 1 date.

ITOCHU today paid Dole a non-refundable cash deposit of $200 million to be applied toward the purchase price, and the parties agreed that, with limited exceptions, the deposit will be forfeited and retained by Dole if the closing does not occur by April 1, 2013. Dole intends to use the $200 million in cash to temporarily repay revolver borrowings, certain transaction related expenses, and general corporate purposes.