Agriculture and engineering services firm Camellia PLC -headquartered in Kent- has released a statement saying Horizon Farms partnership in California has agreed to the sale of the Horizon Farm property together with its growing crop of pistachios and almonds for a gross cash consideration of USD31 million to Maricopa Orchards. Camellia holds 80% interest in Horizon Farms.
Lse.co.uk reports that Camellia expects net proceeds of GBP17.5 million from deal.
The profit before tax attributable to Horizon Farms in 2019 was GBP1.8 million and the net assets relating to the property and growing crop at June 30, 2020 was GBP9.2 million. The estimated pre tax gain on sale of the assets is GBP14.2 million.