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Grain Corp to Restructure Grain Business, Spin-Off Malting Unit

Australia’s Grain Corp announced it plans to restructure and split its business, spinning off its malting unit after drought has cut into earnings.

At the same time, the company said that it will continue to engage with potential buyers for either all or parts of the company, including Long-Term Asset Partners (LTAP), which made an offer last year of US$1.69 billion.

By splitting the company, Grain Corp believes the move will unlock significant value, resulting in separate units that will be better able to attract investors that have specific priorities.

After the spin off, the malting unit will be MaltCo, a free standing maltster that will rank fourth in the world with malting operations in the U.S, Canada, Australia, and Britain, serving the whisky, specialty malt, and craft beer industries. Meanwhile, the remaining GrainCorp will focus on grains and edible oils post-separation.

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