California-based Limoneira Co. which owns agricultural land and operations, real estate and water rights in that state announced the completed acquisition of Associated Citrus Packers Inc. (ACP) for $18.6 million. The purchase was made with the issuance of 705,000 unregistered shares of common stock, $1 million in cash, and an assumption of long-term debt. ACP owns lemon orchards and cropland in Arizona, water rights on the Colorado River, and last year harvested 355,000 cartons of lemons. The acquisition is one move in a strategy by Limoneira to expand its portfolio of citrus acreage.
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