LONDON (Yosefardi) – Glencore Xstrata plc is selling its biggest malt producer in Australia, Joe White Maltings, to Cargill.
The transaction is completed for approximately US$373 million. Joe White was acquired by Glencore as part of the Viterra acquisition. The sale is subject to standard regulatory approvals and satisfaction of other customary closing conditions and is expected to close by the end of Q4.
Cargill currently operates malting facilities in Europe and the Americas, however it does not have a presence in the Australian malting market. Joe White Maltings is Australia’s largest malt producer, with seven plants, and currently supplies brewers in multiple countries in Southeast Asia, as well as Australia.
Cargill is an international producer and marketer of food, agricultural, financial and industrial products and services. Founded in 1865, the privately held company employs 142,000 people in 65 countries. Cargill helps customers succeed through collaboration and innovation, and is committed to applying its global knowledge and experience to help meet economic, environmental and social challenges wherever it does business. (hatmanb@yosefardi.biz)