Castle & Cooke, Inc. Plans Purchase Of Seven Ships
D.J. Kirchhoff, president and chief executive officer of Castle & Cooke, Inc., has announced that an agreement in principle has been reached with a Honolulubased conglomerate and European interests in which seven refrigerated cargo vessels and other properties will be acquired by the U.S.
The acquisitions, calling for an undisclosed amount of stock and cash, will increase Castle & Cooke's company-owned fleet to 15 vessels.
According to Mr. Kirchhoff, the enlarged fleet will provide about 40 percent of the company's refrigerated cargo needs for transporting bananas and other foreigngrown fresh produce to market.
Chartered vessels supply the remainder of the company's reefer vessel needs.
The seven vessels to be acquired will be operated by Intercontinental Transportation Services Ltd., a wholly owned Castle & Cooke subsidiary.
ITS, established in 1976, operates the other eight vessels in the Castle & Cooke reefer ship fleet.
The subsidiary was formed when Castle & Cooke elected to purchase refrigerated ships to supplement its chartered vessels as a hedge against increasing cost of chartering and the unavailability of suitable tonnage during periods of vessel shortages, Mr.
Castle & Cooke produces and markets Dole bananas, pineapples and mushrooms, brand-name seafoods and California group vegetables.
The company also engages in real estate and manufacturing.
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