Del Monte (DLM) Sells StarKist To Dongwon for $363M
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Del Monte Foods Company (NYSE: DLM) entered into an agreement to sell its seafood business, including StarKist, to Dongwon for $363 million, subject to a working capital adjustment.
In fiscal 2008, the seafood business generated approximately $560 million of net sales and contributed approximately $0.12 (excludes impact from G&A overhead which will remain with Del Monte after the transaction) to earnings per share on a stand-alone basis.
The divestiture is expected to be -$0.03 dilutive to Del Monte's original F09 earnings per share from continuing operations guidance of $0.58-$0.62.
Del Monte expects F09 EPS from continuing operations guidance to be toward the lower end of its $0.58-$0.62 guidance range.
Dongwon F&B is a leading food and beverage manufacturing company of which one of the main products is canned tuna. It is a dominant player in the Korean tuna market, with market share of 75%.
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