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.
Street Rider Night Bus signs have been placed in Shepparton’s central business district to encourage people to use the service that has been cruising along for more than five years.
Police are currently at the scene of a double fatal collision involving two cars in at the Cahill Road, Gilmore Street and Woods Road intersection in Yarrawonga.
Tatura Community House held its annual High Tea fundraiser at the facility on Tuesday, with a full-house present to enjoy a sumptuous morning tea, good conversation and relaxing time together.
The Echuca construction team behind Junction Moama has taken out one of the top honours at a regional building awards ceremony.
Rochester Historical and Pioneer Society hosted an afternoon tea to recognise long-standing members Barrie and Flora Griffin and John and Margaret Harley.
About 7600 residents served by Goulburn Valley Water are affected by a boil-water advisory.
Scone Equine Hospital relaunches local veterinary practice.
A beauty pamper day has raised a whopping $18k to assist local lady Terri Bevan with her ongoing medical costs associated with her brain tumour
A planning scheme amendment to allow the expansion and redevelopment of the IGA supermarket at Heathcote has been approved by the Victorian Planning Minister Richard Wynne.
Cross-border rivals Cobram and Barooga football netball clubs will contest the 38th Cobram Courier Shield this weekend.
An exciting three-hole playoff saw Virginia Lange take a narrow win in the Deniliquin Ladies Golf Championship last Thursday.
The G-MW Murray gravity irrigation system has received 35 per cent and the Goulburn system 42 per cent of allocation from July 1.
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