Cargill Australia To Acquire Joe White Maltings

MELBOURNE, AustraliaCargill Australia Limited announced Glencore International has accepted its offer to purchase Joe White Maltings, Australia's largest malt producer. The sales agreement is subject to certain regulatory approvals and the parties expect to complete the transaction prior to the end of 2013.

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 has seven plants and currently supplies brewers in multiple countries in Southeast Asia and Australia.

Philippa Purser, Cargill Australia managing director, said Joe White Maltings is a strong strategic fit for Cargill Australia and for Cargill's Global Malt business.

"Through its investments over many years, Cargill continues to demonstrate a long-term commitment to the future and success of Australian agriculture and farmers, and we are delighted with this new opportunity in the malting industry," she said. "We look forward to bringing our malt industry expertise and additional capital to Joe White Maltings to continue to grow the business."

Commenting on the deal, Doug Eden, president of Cargill's Global Malt business, said: "The addition of Joe White Malting will complete Cargill's global footprint in all key barley production areas and enable us to better serve our global and leading regional brewers in the region."