Calavo Growers Reorganizes Business; Targets $2M Savings Annually

• Calavo Growers Inc (NASDAQ:CVGW) said it has organized into two reporting segments, Grown and Prepared, to improve efficiency and save cost. The reorganization is part of Calavo's Project Uno.
• The Grown segment will consist of fresh avocados, tomatoes, and papaya. 
• The Prepared segment will comprise all other products, including fresh-cut fruits and vegetables, ready-to-eat sandwiches, wraps, salads and snacks, guacamole, salsa sold at retail and food service, and avocado pulp sold to food service.
• "The new organizational structure will bring clarity to the decision-making process and increase the speed of execution to capture efficiencies and generate growth," said CEO Brian W. Kocher.
• The two segments will each be led by a Senior Vice President/General Manager. As a result of the reorganization, the position of Chief Operations Officer is being eliminated.
• The company expects ongoing cost savings of over $2 million per year.
• Price Action: CVGW shares are trading higher by 0.74% at $38.05 on the last check Wednesday.