Limoneira Completes Strategic Joint Venture and Land Acquisition in Argentina
SANTA PAULA, CA - Limoneira Company is growing by leaps and bounds, recently announcing a joint venture and land acquisition with FGF Trapani, a family-owned multi-generational citrus operation in Argentina. FGF owns over 3,200 acres of oranges and lemons in the Argentina Provinces of Salta, Jujuy, and Tucuman and also owns and operates a juice processing facility in the Province of Tucuman.
“This joint venture and land acquisition with FGF will be accretive in fiscal 2019, expands our global footprint into Argentina, and strengthens our position as a 365-day, 24/7 global supplier of fresh citrus to our valued customers around the world,” said Alex Teague, Senior Vice President. “This joint venture is a perfect fit with our One World of Citrus™ initiative, and we are excited to welcome FGF’s family-owned business to the Limoneira team.”
According to the press release, part of the agreement includes Limoneira creating a subsidiary in Argentina under the name Limoneira Argentina S.A.U. The company will also acquire 25 percent of the parcels of Finca Santa Clara—approximately 1,200 acres of planted lemons—upfront with an additional 25 percent to be acquired over a three-year period. The joint venture will operate under the name Trapani Fresh, with Limoneira holding a 51 percent interest as the managing partner responsible for all fresh fruit sales, with FGF holding a 49 percent interest. FGF will maintain 100 percent ownership and control of its juice processing facilities and operations.
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