Limoneira to Acquire 230 Acres of Agriculture Property in California
Limoneira Company (NASDAQ: LMNR) entered into an agreement to acquire 230 acres of agriculture property in the San Joaquin Valley of California for $1.3 million. The transaction is expected to close in August 2012.
The property is high quality citrus land that will be planted with approximately 150 acres of lemons adding to the existing 1,870 acres of lemon orchards. Once this property is fully planted, the Company believes it is capable of producing approximately 1,000 cartons of lemons per acre. With this acquisition, the Company will own or lease over 8,000 acres of agriculture property.
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