Business briefs

Advertiser Staff and News Services

Kaluakoi Hotel finds a buyer

An American buyer is in the process of acquiring the largest hotel on the island of Moloka'i, officials said. Mayor James Apana on Monday said the sale of the Kaluakoi Hotel & Golf Club could be completed as early as mid-November.

The deal is in the due diligence process, and the buyer needs to examine the resort, he said. Nearly 100 workers were laid off earlier this year when the hotel's Japan-based parent company, Tokyo Kosan, shut down the hotel and golf course.

The layoffs caused a surge in unemployment to nearly 15 percent on the Friendly Isle. Apana said the unidentified buyer talked about renovating the hotel and stimulating Moloka'i's economy.

Restructuring costs hurt Dole

Dole Food Co., the largest fruit and vegetable producer, said its third-quarter loss widened as restructuring costs increased.

The loss widened to $94.8 million, or $1.68 a share, from $7.4 million, or 13 cents, in the year-earlier period. Sales fell 0.5 percent to $1.33 billion from $1.34 billion, Dole said in a statement.

Dole also had costs of $103.1 million, or $1.83 a share, for divesting its Pascual Hermanos vegetable business in Spain, the planned sale of other businesses in Europe and reducing banana and flower production in Latin America, Chief Financial Officer Ken Kay said.

Shares of Westlake Village, Calif.-based Dole fell 3 cents to $20.90 in early trading.

Boeing to make fewer aircraft

Boeing Co., the largest aircraft maker, said it will start cutting production in May as airlines defer orders after a decline in passenger traffic since the Sept. 11 attacks in the United States.

The Chicago-based company will produce as few as 350 aircraft next year, compared with a projected 522 this year, because of the combined effect of a slowdown in world economic growth and a fear of flying generated by the Sept. 11 attacks.