Alico Shifts Focus from Citrus Production to Florida Land Development
Alico Inc., traditionally one of the largest U.S. citrus growers, is transitioning away from orange production due to economic challenges caused by disease and hurricane damage. At a recent investor conference, CEO John Kiernan outlined Alico's new strategy focused on land management and real estate entitlements across its 47,300-acre portfolio in Florida. The company has already generated over $90 million from agricultural land sales in the past 18 months and is using this liquidity to fund operations while avoiding distressed asset sales. Alico plans to pursue development approvals for selected properties, including a proposed 4,660-acre community in Collier County that could eventually house up to 9,000 homes. Alico has shifted much of its land use toward vegetable farming, sod harvesting, cattle ranching and sugar production. The company is also exploring entitlements for future development opportunities while maintaining the flexibility to sell entitled land or develop it internally.
Tickers: $ALCO
Topics: agricultural_divestiture corporate_strategy_shift real_estate_entitlements