International agribusiness firm Limoneira Company has announced the completion of land acquisition, as well as the establishment of a new joint venture (JV) with FGF Trapani (FGF), a family-owned citrus operation in Argentina.

Headquartered in Santa Paula, California, Limoneira Company is a 126-year-old international agribusiness, which is engaged in the production of lemons, avocados, oranges, speciality citrus and other crops.

Limoneira Company senior vice-president Alex Teague said: “This joint venture and land acquisition with FGF will be accretive in fiscal 2019, expands our global footprint into Argentina and strengthens our position as a 365-day, 24/7 global supplier of fresh citrus to our valued customers around the world.

“This joint venture is a perfect fit with our One World of Citrus initiative and we are excited to welcome FGF’s family owned business to the Limoneira team.”

As per the terms of the agreement, the company created a subsidiary, Limoneira Argentina, and acquired 25% of the parcels for Finca Santa Clara. This equates to nearly 1,200 acres of planted lemons, with an additional 25% to be acquired over a three-year period.

Limoneira Argentina and FGF’s new JV company will operate as Trapani Fresh, with Limoneira Argentina holding a 51% stake and FGF holding 49% interest.

Additionally, Limoneira Argentina will be the managing partner of Trapani Fresh and will be responsible for all fresh fruit sales.

Currently, FGF owns more than 3,200 acres of lemons and oranges in the Argentinean provinces of Salta, Jujuy and Tucuman, as well as operating a juice processing facility in the province of Tucuman.

FGF noted that it will continue to retain 100% ownership and control of their juice processing facilities and operations.