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SANTA PAULA, Calif.--(BUSINESS WIRE)--May 11, 2023--
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 that it has entered into an exclusive licensing relationship with Apeel Sciences (“Apeel”). Limoneira will protect lemons across its supply chain with Apeel’s coating technology. This non-GMO, edible, plant-based coating maintains moisture for longer and reduces oxidation preventing spoilage throughout the supply chain. For lemons, this means they stay juicy and retain their bright, yellow color for longer. As Apeel's first, fully integrated lemon supplier in the U.S., Limoneira will significantly expand availability of Apeel-protected lemons domestically and internationally through Limoneira affiliated packing facilities and through licensing management.
In product trials conducted by Limoneira, Apeel-protected lemons demonstrated a significant difference in quality compared to other coatings. Apeel-protected lemons exhibited reduced water loss, shrivel, and color change or “bronzing”, including when tested in ambient conditions. This validates that Apeel’s technology allows citrus to retain its quality for longer regardless of how they are stored or merchandised, which improves Limoneira’s strategic position for market opportunities with retail and food service customers demanding a more sustainable approach to providing the highest quality, freshest produce.
Harold Edwards, President and Chief Executive Officer of Limoneira, stated, “We are excited to be working with Apeel to generate greater supply chain flexibility, maintain higher quality lemons, decrease costs, and reduce waste all to the benefit of our growers, customers, shoppers, and the environment.” Mr. Edwards added, “Since 1893, Limoneira has been a leader in the ‘what’s next’ category and we see offering Apeel-protected lemons as a truly natural next step to continue delivering the World’s Best Lemons.”
“Apeel’s technology brings with it a new set of opportunities for the category and Limoneira’s customers,” says James Rogers, Founder and Chief Executive Officer of Apeel Sciences. “Growers working with Limoneira can expect access to new channels of distribution, Retailers can expect energy and cost savings during warehousing and distribution, and Consumers can expect an experience they need to see to believe.” Mr. Rogers adds, “We are excited about the near-term, but also for the longer term as we are establishing a foundation for continuous incremental improvements driven by the collective efforts of our like-minded companies.”
John Carter, Vice President of Citrus for Limoneira comments, “The supply chain ultimately ends at the shopper’s countertop and the restaurant table where quality acts as a positive reinforcement to where the shopper makes their purchases. Utilizing Apeel provides the opportunity to have a better first impression and more importantly to have a greater ‘lasting impression’ which benefits all stakeholders.”
About Limoneira Company
Limoneira Company, a 130-year-old international agribusiness headquartered in Santa Paula, California, has grown to become one of the premier integrated agribusinesses in the world. Limoneira (lē moñ âra) is a dedicated sustainability company with 11,800 acres of rich agricultural lands, real estate properties, and water rights in California, Arizona, Chile and Argentina. The Company is a leading producer of lemons, avocados, oranges, specialty citrus and other crops that are enjoyed throughout the world. For more about Limoneira Company, www.limoneira.com.
About Apeel Sciences
Apeel is on a mission to create a more sustainable global food system by working with nature to use the power of materials and data sciences. Apeel's plant-based protection allows for longer-lasting produce by using materials already found in the skins, peels, and seeds of all fruits and vegetables. This protective extra "peel" slows the water loss and oxidation that causes produce to spoil, and it's the only proven solution for maintaining freshness from farm to kitchen. Apeel's plant-based protection is available for an ever-growing number of categories and markets, including organic and conventionally grown produce. Additionally, Apeel is integrating new tools that will allow the food system to do more with the extra time created by Apeel's plant-based protection. Farmers can sell more of what they grow, retailers can sell more of what they source, and people can enjoy more of what they buy, creating a healthier planet and greater abundance for all. Apeel is Food Gone Good.
Apeel is a trademark/registered trademark of Apeel Technology, Inc. in the United States, the European Union, and other jurisdictions. To learn more, visit www.apeel.com.
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CONTACT: Investor:
John Mills
Managing Partner
ICR 646-277-1254
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: FOOD/BEVERAGE AGRICULTURE SUPPLY CHAIN MANAGEMENT NATURAL RESOURCES RETAIL
SOURCE: Limoneira Company
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PUB: 05/11/2023 09:00 AM/DISC: 05/11/2023 09:02 AM
http://www.businesswire.com/news/home/20230511005113/en