U.S.: Sunkist hits US$1B revenue mark again
California-based citrus cooperative Sunkist Growers has announced its sixth consecutive year of reaching US$1 billion in revenue, while thanks to its grower distribution program have meant this is the second year in a row with grower payments in a similar range.
The results were revealed during the company's annual meeting on Feb. 17.
"Sunkist has made many advancements to keep the cooperative well-positioned in the current business environment and last year’s results demonstrate the positive impact of those improvements," said CEO Russell Hanlin.
"We made our third distribution to growers in 2015, and are committed to increasing these distributions annually. This program was accomplished through an effective cost containment plan and revenues from our for-profit businesses."
The group said its joint venture for juice processing with Ventura Coastal has also yielded positive results, with improved by-product earnings, more timely payments and more contributions to growers.
The group currently has 49 licensees in total, with the brand used to market approximately 700 products in 77 countries.
"All of these businesses continue to contribute to positive revenue streams and also help strategically position Sunkist for future growth," Hanlin said.
Another significant event for the cooperative was Sunkist’s headquarter relocation to Valencia, California, in 2014, whichthe group claimed strengthened itsfinancial position and also geographically centralized business operations to the cooperative’s grower base.