Australia: ABB buys out Graintrust
Leading Australian agribusiness, ABB Grain Ltd, has acquired an outright shareholding in Graintrust, one of the nation’s leading seed commercialisation companies, according to ABB’s media release, December 11.
ABB Grain, which was a founding shareholder of the Sydney-based joint venture company set up in 2000, last month acquired the remaining 58% shareholding in the business.
Until ABB’s buy out of Graintrust, the other members of the joint venture company were Grain Pool Pty Ltd, Ruralco Ltd and the Australian Field Crop Association Ltd.
ABB’s managing director, Michael Iwaniw, said the acquisition was further evidence of the company’s aim to be the nation’s premier, integrated agribusiness.
“Graintrust owns seed commercialisation rights to 26 field crop varieties, across barley, wheat, pulses and oilseeds,” Mr Iwaniw said.
Among the seed commercialisation rights held by Graintrust are: Sloop Vic, Sloop SA and Mackay (barley), Pugsley, GBA Hunter and Young (wheat), Boomer (canola) Cairo (faba beans) and Mandelup, Luxor and Rosetta (lupines).
“Together with ABB’s existing direct ownership of seed commercialisation rights to another eight varieties, including Flagship malting barley, we now are in a strong position in seed commercialisation within Australia,” Mr Iwaniw said.
“ABB believes it’s important that our stakeholders, particularly growers, have a commercial investment in Australia’s seed business. It’s vital to have a vibrant, commercial seed industry that can provide grain growers and grain customers with competitive and attractive varieties.”
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