Shares in Total Produce, the Dundalk-based fresh produce company, have jumped by over 7% after it announced that it has acquired a 45% equity stake in the Dole Food Company for over $300m.

The move brings together two of the world's leading fresh produce companies, with complementary market positions in various product segments and locations.

In a statement Total Produce said the move represented a “significant step in the history of Total Produce and a continuation of its expansion strategy.”

The statement also clarified that the Dole management team will continue to operate and serve its customers as it had done in the past.

Commenting on the transaction, Carl Mc Cann chairperson of Total Produce, said: "We are delighted to have signed an agreement with Dole, long held in the highest regard as one of the world's best fresh produce companies, with iconic brands dating back to 1851.

"I believe that this investment by Total Produce in Dole is the single most positive step in our company's history.

"It places Total Produce at the forefront of our industry, and we anticipate it will create significant additional value for shareholders in the years ahead."

This is just one of a number of acquisitions Total Produce has taken part in over the past number of years as it recently acquired California based company The Fresh Connection as well as 65% of Canadian Grandview Ventures Limited which trades under the name of the Oppenheimer Group.

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