HEADLINE2Represents Limoneira’s First International Business Investment
SANTA PAULA, Calif., Aug 19, 2014 (BUSINESS WIRE) — Limoneira Company (the “Company” or “Limoneira”) LMNR, -1.58% a leading agribusiness with prime agricultural land and operations, real estate and water rights in California and Arizona, announced today that it has made an investment in “Rosales S.A,” a citrus packing, marketing and sales operation in La Serena, Chile.
With its location in a coastal region of northern Chile, La Serena is a major citrus and avocado growing area of the country. Rosales, which primarily packs and sells lemons, currently sells its produce into Asian, European, and Chilean markets. Going forward, Limoneira will handle Rosales’ lemon sales to Asian markets. Through its wholly owned Chilean subsidiary, Limoneira Chile SpA, Limoneira invested $1.75 million for a 35% interest in the business. Limoneira will earn equity income from its investment as well as $0.50 per carton on lemon sales to Asian markets, which combined is estimated at $200,000 to $300,000 per year.
Alex Teague, Senior Vice President, stated,…. (Read more)