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.
A two- car crash has blocked the intersection in front of Shepparton's Marketplace shopping centre, with police controlling traffic at the scene.
Perfect weather forecasted this weekend will please the many boating enthusiasts registered for the inaugural Lake Mulwala Boat Muster to be held on Saturday.
A dairy cow has died from the disease anthrax in the Tatura region.
Campaspe Shire still does not have an alternative to the Moama slipway more than two years after obtaining permits to build a dry dock at the Port of Echuca.
There was a sentence doing the rounds at the weekend’s Great Northern Show.
Vic Govt issues alert after dairy cow death in Tatura
Two local teenagers have formally apologised to the Finley community for destroying 14 trees in Finley's Railway Park.
St Mary’s Catholic Church in Heathcote has undergone extensive roof repairs due to increasing water damage.
Cobram and District Toy Library secretary Liz Stronge said she was ‘‘really happy’’ with the turnout of more than 100 people to the 25th birthday Playfest at Mivo Park on Saturday.
McGregor takes 6-21 to lead Hay to DDCA premiership.
Fruit Growers Victoria plans to give fruit growers in Victoria more on-farm support as a result of its organisational restructure.
Betty Summer walks 6 kms in a round trip, three times a week to go to the gym. She hates people asking her age, but couldn't keep it secret when she hit the big nine-oh.
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.