Limoneira Co. has bought about 760 acres of land, comprising 400 acres of lemon groves and 360 acres of cattle rangeland, near Porterville, Calif.
The deal involved $8.75 million cash and brings the Santa Paula, Calif.-based firm’s owned and leased lemon holdings to more than 1,000 acres in the San Joaquin Valley, according to a news release.
The acquired groves will be harvested from November through March, and Limoneira expects them to produce about 200,000 38-pound cartons of lemons during its 2014 fiscal year.
“The high-quality lemons that this orchard adds to our supply chain enables us to offer our domestic and international customers a year-round supply, which is vital in today’s marketplace,” Alex Teague, senior vice president, said in the release.
“This fruit expands our produce offering for the important December through March season, improving our top and bottom line during our first and second fiscal quarters.”
In future years, the company projects production of about 350,000 cartons after some groves are redeveloped.
Altogether, Limoneira has about 3,400 acres of lemons in California and Arizona and more than 10,000 acres of owned and leased ground in the two states.