A Numurkah oilseed company will be changing hands under a deal being organised by GrainCorp.September 20, 2012 4:04am
GrainCorp has launched a $159
It plans to merge Integro with crusher Gardner Smith — which owns Numurkah’s Riverland Oilseeds — to create what would become the second-largest oilseed player in Australia.
Chief executive Alison Watkins said GrainCorp could have funded the entire deal with debt but opted to raise capital to maintain financial flexibility.
The move fits with GrainCorp’s strategic focus on its three core grains: wheat, barley and canola. The new division, GrainCorp Oils, will be headed by Sam Tainsh and will have an annual crushing capacity of 300
‘‘The opportunity to combine Gardner Smith and Integro into a larger business is a clear and logical fit with our business model,’’ Ms Watkins said.
‘‘Together they build on GrainCorp’s existing supply chain management and grain marketing expertise, and expand our downstream processing operations into canola and other edible oils.
‘‘GrainCorp Oils will provide us with immediate scale in the edible oils sector in Australia and New Zealand.
‘‘Both Gardner Smith and Integro offer us leading positions along the edible oils supply chain,’’ she said.
‘‘While both are very good businesses in their own right, it is the combination of the two into a cohesive whole that allows us to unlock additional value for GrainCorp’s shareholders, and connects the grain growers who use our network more closely with edible oils customers.’’
Commonwealth Bank of Australia analyst Jordan Rogers said the new company would create a ‘‘genuine competitor to Cargill Inc’’ in the Australian oilseeds sector, although GrainCorp Oils will still be around half the size of the number one player.
Goodman chief executive Chris Delaney said the company had also signed a long-term supply partnership with GrainCorp to ensure an efficient supply of raw materials for its retail fats and oils brands, which included Meadow Lea, Praise and Paul Newman salad dressings.
Water has been returned to Kinnairds and Black wetlands to help with their revitalisation after bushfire damaged them in February.
More than 2200 people have signed up to show their support for a campaign to have the green route chosen for the new Yarrawonga Mulwala bridge.
Members of Murchison Book Club are hosting a literary lunch with Vivien Achia, author of Marrying Italian — When Love is Not Enough.
Matches were split up over Good Friday and Easter Saturday throughout the region.
Painter Ben Winspear and Scott Wileman will create new works as the public look on during the at Rochester Art Exhibition.
Kyabram Bombers have the chance to beat Rochester under light for the first time this Friday evening.
Lions star recruit had a tough introduction to the GVFL.
Tocumwal's Don Elgin is aiming to compete at the 2014 Commonwealth Games in Scotland
Eighty residents at a forum determined the Heathcote Community Plan was on track but need some fine tuning.
Cobram skate park hosts skateboarding and music for youth week.
Senior state minister Adrian Piccoli reaquainted himself with Deniliquin yesterday, leaving Deniliquin Counil hopeful it has an ally in him.
With his blue eyes and snow-coloured coat, Nanneella horse Sinatra has looks worthy of a fairytale.
Fourteen-year-old Benalla girl Jaimee Linke will launch her debut novel next month.
Discover unbelievable local deals from local businesses every week in the Goulburn and Murray Valley area with Leapon.com.au!
Search properties for sale or rent across North Central Victoria and Southern NSW. Visit your local website for local homes....
Search for published and unpublished photos from McPherson Media Group newspapers and magazines. All our photos are available to purchase.
Place an advertisement in any one of McPherson Media Group's local newspapers.