Tropicana Raising Prices on OJ
Tropicana is raising prices on some containers of orange juice and shrinking the package size of others, to pass along higher costs stemming from the freeze that hurt Florida's orange crop this winter.
Chicago-based Tropicana, a unit of PepsiCo Inc., said it would reduce the jug size of Tropicana Pure Premium orange juice to 59 oz. from 64 oz., but hold the price steady. Meanwhile, it plans to raise the price of its gallon-size Pure Premium containers by 5%-8%.
Florida produces more than 75% of the U.S. orange crop and accounts for about 40% of the world's supply of orange juice. But after more than a week of unusually low temperatures, citrus growers fear significant fruit damage to the $9 billion industry. Video courtesy of Reuters.
"We have now fully reviewed the extraordinary losses that the Florida citrus industry has suffered—the most devastating winter freeze and the smallest crop in 20 years, the company said in a statement Wednesday.
