The company, which is owned by the Walden family, was a major player in the region for 78 years. Its fields held almost 400,000 pecan trees, making it one of the world’s largest pecan groves.
The sale includes company assets, but not the company itself. Who’s buying is unknown, although FICO expects them to continue farming pecans on the land.
“It has been a difficult decision for our family and partners to sell these farms. But we know it is the right decision for this time,” said the Waldens in a statement to the Arizona Daily Star. “We have confidence in the buyers. They are experienced in growing pecans and other kinds of agriculture.”
Here’s what’s behind the sale — and what could happen to the area if its new owners aren’t keen on pecan growing.
FICO cites higher fuel and fertilizer prices as a reason for selling
Gas prices have been rocky ever since the Iran War closed the Strait of Hormuz. If these prices are hitting regular consumers hard, they’re hitting farmers even harder — especially since farmers also rely on fertilizer similarly blocked by the Strait.
Farm labor has also increased in price recently, thanks to some changes to how workers are classified. That’s making farming more and more expensive for farmers, making it harder to make a strong profit.
“Agricultural commodity prices are not keeping up with the costs for anything,” FICO CEO Brian Driscoll told the Arizona Daily Star. “Overall, with the economics as they are, it’s time to sell.
The other reason for the sale is more personal. Driscoll says the Walden family, along with their partners, the Crowns, have reached an age where they’re ready to sell. Richard Walden is 84; his wife Nan is 72.
“The Walden family, along with our original partners, the Crown Family, have been privileged to be stewards of the land in what is now Green Valley and Sahuarita since 1948,” said the Walden family in a statement. “Our children and grandchildren, along with 3 to 4 generations of wonderful employees, have worked this land together.”
Driscoll says that the company isn’t anticipating itself or the buyers performing any layoffs. FICO is planning on offering severance packages to any employees who stay on during the transition.
