GrainCorp (ASX:GNC) has positioned itself more competitively in the African and South American malt markets, after announcing today it will buy GermanMalt for 58 million euros, or $77 million.
GermanMalt has four malt houses throughout Germany.
GrainCorp’s chief executive Alison Watkins said the purchase helps the company to grow as an end-to-end grain supplier and processor, and that the European barley and malt sector has a major influence on world markets.
She said the company’s underlying earnings for the year ending this September are tracking well against guidance.
In the half year to March 2011, GrainCorp posted a net profit of $87.7 million.
