Japanese conglomerate Sumitomo has completed the takeover of Emerald Agribusiness (EAG) following the purchase of 50% of Emerald Grain from the directors.
In 2010, Sumitomo bought a 50% stake in EAG.
The latest deal provides Emerald Grain with access to significant capital to fund expansion in grain accumulation capability and processing assets.
EAG and Emerald Grain chairman Alan Winney said that sale of the remaining share to Sumitomo is was the next logical step to allow the ongoing growth of the company.
"As a 100 per cent subsidiary of Sumitomo Corporation the company will be able to fund future growth and expansion and compete more effectively in an Australian and Asian grain market that is now heavily influenced by global companies," Winney added.
Established in 2004, Emerald Grain is an integrated grain marketing and storage company catering to over 10,000 Australian grain growers.
The company operates joint ventures with grower companies and co-operatives in New South Wales and Victoria, and it established own storage, transport and logistics infrastructure through the acquisition of Melbourne Port Terminal and its upcountry storage and rail network.
