The board of directors of Lake Wales, Fla.-based Citrus World Inc. recently approved spending $10 million on a tree-planting incentive program.
The money will help encourage new orange grove acreage, according to a news release.
“Citrus World’s financial position has never been stronger and we can’t think of a better way to invest than with our growers. It is the right thing to do," Steve Caruso, the cooperative's chief executive officer, said in the release.
The move also demonstrates that Citrus World believes in the long-term sustainability of the Florida citrus industry, according to the release.
The co-op, formed in 1933, represents nearly 1,000 growers who own nearly 60,000 acres of Florida citrus.
Among its brands are Florida's Natural.