AI assistant
GRAINCORP LIMITED — M&A Activity 2011
Mar 24, 2011
65001_rns_2011-03-24_1fc27a81-b395-4ee2-bd01-970fb92fcb5c.pdf
M&A Activity
Open in viewerOpens in your device viewer
==> picture [68 x 72] intentionally omitted <==
Company announcement
GrainCorp Limited ABN 60 057 186 035
Date: 25 March, 2011 To: The Manager Announcements Company announcements office
PUBLIC ANNOUNCEMENT
GRAINCORP BUYS KIRIN AUSTRALIA MALT HOUSE
==> picture [119 x 45] intentionally omitted <==
Michael G. A. Smith Company Secretary
==> picture [68 x 67] intentionally omitted <==
GrainCorp Limited Level 26, 175 Liverpool Street, Sydney NSW 2000 PO Box A268, Sydney South NSW 1235 Telephone: (02) 9325 9100 Facsimile: (02) 9325 9180 www.graincorp.com.au
==> picture [80 x 85] intentionally omitted <==
Media Release
IMMEDIATE RELEASE
Friday, 25 March 2011
GRAINCORP BUYS KIRIN AUSTRALIA MALT HOUSE
GrainCorp announced today that it has entered in to a binding agreement to purchase all the issued shares in Kirin Australia Pty Ltd from Kirin Brewery Company Limited for the sum of $10.55 million (inclusive of working capital).
Kirin Australia was founded in 1976 as a joint venture with Barrett Burston Malting. It operates a 46,000 tonnes PA malt house at Welshpool, Perth, Western Australia.
GrainCorp Managing Director Alison Watkins said, “The Kirin Australia malt house is in an ideal location for supplying malt into the expanding South East Asian beverage market, so having a production base in Western Australia is an important diversification step for GrainCorp Malt.
Western Australia is also a large producer of malting barley, so our malting barley accumulation risk will be spread across eastern and western Australian grain growing regions.
“GrainCorp will also gain access to varieties of barley grown in WA that are not readily available to us in the east. This is an important competitive factor for us, and should allow GrainCorp Malt to appeal to a wider range of customers, particularly in Asia,” Ms Watkins said.
The transaction is expected to be completed by mid‐April 2011. The price is subject to adjustments based on working capital and certain other matters.
Contact: David Ginns ‐ Corporate Affairs and Media (02) 9325 9132 or 0419429943 [email protected]
GrainCorp Limited ACN 057 186 035 Level 26, 175 Liverpool St., Sydney NSW 2000 PO Box A268 Sydney South NSW 1235
T: 02 9325 9100 F: 02 9325 9180 www.graincorp.com.au