Limoneira Co. (LMNR) Monday said, effective April 11, it has completed sale of 165 thousand shares of Calavo Growers, Inc. (CVWG) at a price of $29.02 per share. Net proceeds are estimates to be around $4.8 million.
The company has recognized a gain of $3.1 million relating to the transaction.
The company has also agreed to sell its non-core East Ridge property in located Santa Barbara County for $6.0 million. The transaction is estimated to generate net proceeds of approximately $5.7 million.
Net proceeds generated by the Calavo and East Ridge transactions will be available to reduce its long-term debt and to make strategic investments into its growth initiatives, including real estate development and agribusiness expansion.
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