Company continues to own 47 per cent stake in Chilean citrus packing, selling and marketing operation
Limoneira has announced the sale of its Chilean farms, Pan de Azucar and San Pablo for around US$15mn as part of ongoing moves to streamline its operations. The two ranches consist of approximately 200ha of lemons, 40ha of oranges and other unplanted land.
As part of the deal, Limoneira retains its 47 per cent interest in a citrus packing, selling and marketing business in Chile.
The company said it continues to execute its value creation strategy of growing agriculture income and monetising land and water assets. This includes expanding its avocado production and selling certain water rights valued at approximately US$50-70mn.
Limoneira is also seeking to optimise its lemon packing through a recently announced partnership with Sunkist.
President and CEO Harold Edwards said: “This transaction represents the continued execution of our two-part value creation strategy. Not including our near-term pipeline, we have identified approximately US$355-US$405mn of real estate development assets we anticipate monetizing over the longer-term. In addition, we continue to streamline our operations which will unlock even more value for our shareholders”.
