Limoneira Announces Sale of a Lindsay Central Valley Property
SANTA PAULA, CA - As companies continue to grow, expansion is always on the horizon. However, narrowing that focus is also a key strategy to implement for long-term growth. Limoneira is focusing on the growth of the company with the sale of its real estate asset referred to as “Lindsay Central Valley” located in Lindsay, CA.
“We are pleased with the sale of our Lindsay property, which is in-line with our long-term strategy to streamline non-synergistic assets that do not meet our longer-term goals,” Harold Edwards, President and Chief Executive Officer, stated. “As with prior sales of non-synergistic assets, we will use the cash generated by the sale to pay down debt and to invest in the growth of our core agribusiness.”
According to the release, the transaction closed on August 26, 2020, and the citrus company received approximately $6.0 million in net proceeds. In addition, Limoneira will record a one-time, non-cash loss of approximately $0.3 million in its third fiscal quarter of 2020 related to this sale.
The Lindsay property consists of 291 acres of orange and specialty citrus groves located in the Central Valley of California, rounding out to about $20,600 an acre. During the company’s continuous review of its strategic initiatives, it was determined that this property is not aligned with Limoneira’s other orange and specialty citrus properties.
What plans lay in Limoneira’s sights in its long-term strategy? AndNowUKnow will report.