Australian almond company Select Harvests has announced it will acquire a 1500-acre property in the New South Wales region of Riverina, as part of its orchard expansion strategy.

The US$20.4 million (AUD$19.5 million) acquisition of the Belvedere orchards includes 7,900 mega liters of permanent water rights, farm equipment and infrastructure, as well as the proceeds from the 2011 almond crop.

In an announcement, the company said its orchards would reach 13,100 acres upon completion of stage two of its new Western Australian plantations, expected in (Southern Hemisphere) winter 2011.

Select Harvests CEO John Bird said the company would continue to pursue orchard increasing opportunities by acquisition or long lease, where orchards could be acquired at or below replacement value.

"The acquisition of these orchards represents excellent value for Select Harvests shareholders and demonstrates continued momentum in the expansion of our Company Orchards, diversifying our business and enabling us to benefit from the full almond value chain," he said.

Photo: Select Harvests

Source: www.freshfruitportal.com