Dole to Get $51 Million in Insurance Settlement

Dole Food Co., the world’s biggest producer of fresh fruit, said its insurers agreed to pay $51 million to compensate the company for damage wrought by Hurricane Mitch in 1998. Proceeds from the settlement will be received early in its third quarter and will lead Dole to report a gain of about 70 cents a share. The company is expected by two analysts to earn 5 cents and 21 cents in the quarter. More than 30,000 acres of Dole fruit plantations in Central America were destroyed by the storm, which wiped out 10% of the world’s banana crop. Westlake Village-based Dole said in December 1998 it would take two years to repair its operations there as it rebuilds infrastructure such as roads, bridges and employee housing. Dole also said it has entered into a $250-million bank credit facility to give the company the money it needs to meet its financing obligations.