Coca-Cola Investing $2-Billion in Fla. Agribusiness
TALLAHASSEE (by Alan McBride/FLA. NEWS NET) -- Florida's Commissioner of Agriculture, Adam Putnam, and the Coca-Cola Company dropped a pleasant bombshell on Florida Tuesday.
In a joint announcement, they said the soft-drink maker was making a $2 billion investment in Florida's citrus industry.
The investment, according to both parties, will enable the growers to plant 25,000 acres of orange trees.
Through this collaboration, Coca-Cola will procure all of the fruit produced by these trees over the next 20 years.
According to a study conducted by the Florida Department of Citrus, this initiative will create more than 4,100 jobs in Florida during a 25-year period.
The total economic impact of Coca-Cola's investment is estimated to be more than $10 billion over the next 25 years, or about $422 million each year.
Coca-Cola has played an active role in the Florida citrus industry since purchasing Minute Maid in 1960.
Today, the company operates 26 facilities in Florida, employing 6,100. In partnership with Cutrale Citrus Juices, Coca-Cola purchases nearly a third of all Florida oranges grown by more than 400 local growers.
Over the past five years, Coca-Cola has invested more than $400 million in its operations throughout the state.