TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Coke plans major expansion of Fla. orange groves

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

KO $42.70 +$0.62

at close on TUESDAY

By The Associated Press
Wednesday, May 8, 2013, 12:01 a.m.
 

Coca-Cola Co. says it is spending $2 billion to support the planting of 25,000 acres of new orange groves in Florida, a move officials are lauding as a major investment in the Sunshine State's citrus industry.

The announcement was made at a news conference at Coca-Cola's juice production plant in Auburndale. Coca-Cola owns the Minute Maid and Simply juice brands.

About 5 million trees will be planted in the new groves, believed to be the largest citrus addition in the state in at least 15 years. The groves will be located in Polk, DeSoto and Hendry counties in central Florida.

Company officials say the new groves and resulting juice production are expected to add about 4,100 jobs to Florida's economy.

The move also is seen as a boost to historically declining acreage devoted to citrus production in Florida. During the state's past housing boom, many citrus farmers sold their land to developers. Since 1997, total citrus acreage has fallen by 25 percent, from 600,000 acres to 450,000 acres, because of the disease, pests and other pressures, according to Florida Citrus Mutual.

 

 
 


Show commenting policy

Most-Read Business Headlines

  1. Natrona Bottling Co. keeps soda pop operation small, putting effort into craft, taste
  2. PPG Industries to buy Westmoreland Supply paint store chain
  3. Fannie Mae might take 3% down
  4. IBM to pay $1.5B to shed chip division
  5. Streaming won’t mean the end of cable
  6. Stocks on upswing
  7. Large-scale batteries are integral in shift to renewable energy
  8. Hackers rip into heart of open-source software
  9. Student loan debt presents paradox
  10. Open enrollment puts varied impact of health care law back in focus
  11. EDMC loses $664M; executives receive six-figure bonuses
Subscribe today! Click here for our subscription offers.