Limoneira Co. has formed Grupo Argentino, a cooperative arrangement between the company and leading citrus packers in Argentina, the company announced Tuesday.
The Santa Paula agribusiness said product from Argentina will complement U.S. supplies of lemons during the Northern Hemisphere’s summer months. In addition to Limoneira, F.G.F. Trapani S.A., Padilla Citrus S.A. and EarlyCrop S.A. are part of the network.
“Our One World of Citrus Model is reaping dividends for us, and Grupo Argentino is just the latest piece to the puzzle,” Alex Teague, Limoneira’s chief operating officer, said in a statement.
“We produce high quality citrus for Argentina’s consumption and for export to world markets.” Pablo Jose Padilla, chief executive of Padilla, said in a statement. “ By controlling every part of our process, we ensure product quality to its final destination. All members of Grupo Argentino share this same approach and that’s why it makes sense for us to work together and utilize economies of scale.”
Shares of Limoneira (LMNR) closed Tuesday up 64 cents, or 2.8 percent, to $23.78 on the Nasdaq.