Limoneira Closes $20 Million Sale of its Oxnard Packing Facility
Limoneira Company (the “Company” or “Limoneira”) (Nasdaq: LMNR), a diversified citrus growing, packing, selling and marketing company with related agribusiness activities and real estate development operations, today announced it has closed its previously announced sale of its Oxnard Lemon Packing Facility (“OLA”) in Ventura County, California to Ventura County Railway Company for $20 million in cash proceeds
SANTA PAULA, Calif.--(BUSINESS WIRE)--Oct 31, 2022--
Limoneira Company (the “Company” or “Limoneira”) (Nasdaq: LMNR), a diversified citrus growing, packing, selling and marketing company with related agribusiness activities and real estate development operations, today announced it has closed its previously announced sale of its Oxnard Lemon Packing Facility (“OLA”) in Ventura County, California to Ventura County Railway Company for $20 million in cash proceeds. The Company expects to record an approximate gain of $900,000 on this transaction to be recognized in the fiscal fourth quarter 2022 ending October 31, 2022, and utilize the $20 million proceeds to reduce the Company’s debt.
Harold Edwards, President and Chief Executive Officer of the Company, stated, “The successful closing of the sale of the Oxnard facility is the second transaction this month that highlights our strategy to monetize over $150 million of certain non-core assets as we streamline operations, expect to improve consistency of earnings and increase EBITDA and dividend per share. Our updated strategic plan also includes expanding One World of Citrus and increasing our avocado plantings. We have over 15,400 acres of rich agricultural lands, real estate properties, and water rights in California, Arizona, Chile and Argentina with fair-market-values of over $600 million in today’s market, yet a book value on Limoneira’s balance sheet of $220 million. This is primarily because many of these assets were acquired years ago at a low-cost basis. Selective monetization of certain assets in Limoneira’s portfolio creates a tremendous value opportunity for our stockholders.”
About Limoneira Company
