Dole Food Company, Inc. (NYSE:DOLE) announced on Friday that it is currently deciding whether it will sell or spin-off its packaged food wing as part of its strategic review, sending the company's small cap stock higher, The Associated Press reports.
According to the news source, the company, which distributes fruits and vegetables, has enlisted the help of Deutsche Bank Securities Inc. and Wells Fargo Securities LLC to help with the review.
"We are continuing to look at a wide variety of potential alternatives as part of the strategic review of our businesses," David DeLorenzo, Dole's President and CEO, said in a statement. "This review continues to be a company priority in our efforts to enhance shareholder value."
DeLorenzo added that the company may take one of several options, which include the full or partial separation of its businesses through either a spin-off or some form of capital markets transaction.
According to Reuters, Janney Capital Markets analyst Jonathan Feeney said any form of Asian partnership, which DeLorenzo has previously hinted, would be a strong move for the company.
Dole shares were up 14.95 percent to $10.15 at the close of Friday, July 20.