  We investigate the geometric theory of local MV-algebras and its quotients
axiomatizing the local MV-algebras in a given proper variety of MV-algebras. We
show that, whilst the theory of local MV-algebras is not of presheaf type, each
of these quotients is a theory of presheaf type which is Morita-equivalent to
an expansion of the theory of lattice-ordered abelian groups. Di
Nola-Lettieri's equivalence is recovered from the Morita-equivalence for the
quotient axiomatizing the local MV-algebras in Chang's variety, that is, the
perfect MV-algebras. We establish along the way a number of results of
independent interest, including a constructive treatment of the radical for
MV-algebras in a fixed proper variety of MV-algebras and a representation
theorem for the finitely presentable algebras in such a variety as finite
products of local MV-algebras.
