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.
Leukaemia diagnosis for Shepparton boy Travis Lamont, 17, hits his family hard.
Yarrawonga Football Netball Club senior footballer Jeremy O’Brien celebrated his 200th senior Ovens and Murray Football Netball League game against the Wodonga Bulldogs on Saturday.
The trip to Deakin Reserve pitted the fourth-placed Bulldogs up against sixth-placed Demons in a vital match to consolidate a finals berth.
Deputy Premier Peter Ryan and Deputy Nationals leader Peter Walsh are expected to make a significant and long-awaited bridge announcement tomorrow.
Sergeant Dale Simm of Rochester police is warning the public to be wary of phone calls offering all sorts of great prizes.
100 days at Tongala Primary.
Mark Grainger cannot believe his luck after suffering a heart attack on the day a new drug was approved to be administered by paramedics.
A man who attempted, but failed miserebly, to rob the Tocumwal Pie Shed is still on the run from police.
District residents judge the top releases from the Heathcote wine region during the second annual Heathcote Wine Show on the weekend.
A sporting precinct has emerged as the main driver behind merger of Cobram and Victory soccer clubs.
A top-three finish is on the cards for the Deni Rovers after they knocked off Jerilderie on Saturday.
Innovative irrigators are being encouraged to apply for a 2014 Rural Water Award and the chance to win a $2000 cash prize.
Three Benalla residents are speaking up to bring the issue of youth homelessness into the spotlight.
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.