Grain industry services company GrainCorp Ltd
(ASX:GNC) says it has agreed to acquire the world’s 4th largest commercial malt manufacturer United Malt Holdings group for US$757 million.
The acquisition will transform GrainCorp into an international agribusiness, with operations in Australia, the U.S., Canada and the U.K.
United Malt Holdings group is a global malt manufacturer supplying malt for use in production of beer and whisky to a number of the world’s largest brewers and distillers.
Chairman Don Taylor says the acquisition will strengthen GrainCorp’s core business and substantially increase the contribution to the company’s earnings from grain downstream processing.
GrainCorp also says it intends to declare a dividend for the financial year ended September 30 2009 of 15 cents a share, to be paid in mid-December.
GrainCorp fell into the red in 2007 after profits the three years previous.
