In the US, Paramount Citrus and Rio Queen Citrus have announced that they have entered into an agreement for Paramount Citrus to acquire the citrus assets of Texas-based Rio Queen Citrus.
Paramount Citrus is already the largest vertically-integrated grower, packer and shipper of fresh citrus– including mandarins, navel oranges, Valencia oranges, lemons and limes – in North America.
According to the group, the Rio Queen acquisition, following closely on the heels of Paramount Citrus' recent Healds Valley acquisition, will position the company as the leading supplier of Texan citrus, representing a clear majority share of the state’s industry – primarily of red grapefruit.
'Rio Queen supplies a fantastic product and we’re very pleased with the quality and consistency,' said David Krause, president of Paramount Citrus. 'We believe Paramount is well positioned with its marketing activities to increase the demand forTexas grapefruit to a whole new level.'
The acquisition is scheduled to close at the end of the month, the groups noted.
'We’re excited about what this transaction will mean for both Rio Queen and Paramount,' said Mike Martin, president of Rio Queen. 'Paramount Citrus is the undisputedleader in the citrus industry and this will allow Paramount Citrus to leverage their other products to create better results for Texas growers.'
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