Limoneira company has announced that it has completed the purchase of a citrus orchard in the San Joaquin Valley and is on the verge of acquiring a further orchard, potentially adding a combined 125 acres to its property portfolio.
The two properties, which are currently planted with navel oranges, are costing the group a combined US$1.23m, and mean that Limoneira owns or leases nearly 8,000 acres of agricultural property.
'Following the expansion of our agribusiness with the Sheldon leases in January, we are very pleased with these acquisitions of additional productive agriculture property as further execution of our strategy to grow our agribusiness segment,' said Harold Edwards, president and chief executive officer of Limoneira. 'These properties are located in close proximity to our existing orchards in Porterville, California, which will make for efficient integration into our current operations.'
And Alex Teague, the senior vice-president of Limoneira, added: 'Expanding our portfolio of quality citrus acreage is an essential part of our long-term growth strategy. We will continue to look for opportunities to make strategic acquisitions that will contribute to our long-term top and bottom line growth.'
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