-Expands Company’s Lemon Holdings by 1,200 Acres and Expected to be
Accretive in Fiscal 2019-
-Further Enhances the Company’s One World of Citrus™ Initiative-
SANTA PAULA, Calif.--(BUSINESS WIRE)--May 30, 2019--
Limoneira Company (the “Company” or “Limoneira”) (Nasdaq: LMNR), a
diversified citrus packing, selling and marketing company with related
agribusiness activities and real estate development operations,
announced that effective today it has completed the joint venture and
land acquisition with FGF Trapani (“FGF”), a multi-generational, family
owned citrus operation in Argentina. FGF has over 3,200 acres of lemons
and oranges in the Argentina Provinces of Salta, Jujuy and Tucuman and
owns and operates a juice processing facility in the Province of Tucuman.
As part of the agreement, Limoneira has created a subsidiary
in Argentina under the name Limoneira Argentina S.A.U. (“Limoneira
Argentina”) and acquired 25% of the parcels of Finca Santa Clara,
approximately 1,200 acres of planted lemons, upfront with an additional
25% to be acquired over a three-year period. Limoneira Argentina and
FGF’s joint venture will operate under the name Trapani Fresh, with
Limoneira Argentina holding a 51% interest as the managing partner
responsible for all fresh fruit sales and FGF holding a 49% interest.
FGF will maintain 100% ownership and control of their juice processing
facilities and operations.
Alex Teague, Senior Vice President, stated, "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. 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."
About Limoneira Company
Limoneira Company, a 126-year-old international agribusiness
headquartered in Santa Paula, California, has grown to become one of the
premier integrated agribusinesses in the world. Limoneira (pronounced lç
mon´âra) is a dedicated sustainability company with 15,700 acres of rich
agricultural lands, real estate properties, and water rights
in California, Arizona and Chile. The Company is a leading producer of
lemons, avocados, oranges, specialty citrus and other crops that are
enjoyed throughout the world. For more about Limoneira Company, visit www.limoneira.com.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.These
forward-looking statements are based on Limoneira’s current expectations
about future events and can be identified by terms such as “expect,”
“may,” “anticipate,” “intend,” “should be,” “will be,” “is likely to,”
“strive to,” and similar expressions referring to future periods.
Limoneira believes the expectations reflected in the forward-looking
statements are reasonable but cannot guarantee future results, level of
activity, performance or achievements.Actual results may differ
materially from those expressed or implied in the forward-looking
statements.Therefore, Limoneira cautions you against relying on
any of these forward-looking statements. Factors which may cause future
outcomes to differ materially from those foreseen in forward-looking
statements include, but are not limited to:changes in laws,
regulations, rules, quotas, tariffs and import laws; weather conditions
that affect production, transportation, storage, import and export of
fresh product; increased pressure from crop disease, insects and other
pests; disruption of water supplies or changes in water allocations;
pricing and supply of raw materials and products; market responses to
industry volume pressures; pricing and supply of energy; changes in
interest and currency exchange rates; availability of financing for land
development activities; political changes and economic crises;
international conflict; acts of terrorism; labor disruptions, strikes or
work stoppages; loss of important intellectual property rights;
inability to pay debt obligations; inability to engage in certain
transactions due to restrictive covenants in debt instruments;
government restrictions on land use; and market and pricing risks due to
concentrated ownership of stock.Other risks and uncertainties
include those that are described in Limoneira’s SEC filings which are
available on the SEC’s website at http://www.sec.gov.Limoneira undertakes no obligation to subsequently update or revise
the forward-looking statements made in this press release, except as
required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190530005787/en/
Source: Limoneira Company
Investor Contact:
John Mills
Partner
ICR
646-277-1254
