Limoneira sells orange, specialty citrus groves in California
Limoneira Co., Santa Paula, Calif., has sold land near Lindsay, Calif., that had almost 300 acres of orange and specialty citrus groves.
The 291-acre piece of land, referred to as Lindsay Central Valley by the company, was sold after a continuing review of strategic initiatives determined it “is not aligned with the company’s other orange and specialty citrus properties,” according to a news release.
The deal closed Aug. 26 and was announced by Limoneira on Sept. 2. The company received about $6 million in net proceeds from the sale; it will record “a one-time, non-cash loss of approximately ($300,000) in its third fiscal quarter” because of the sale.
“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 CEO, said in the release. “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.”
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