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GrainCorp Ltd (ASX:GNC) has announced that it has bought Kirin Australia from Japan's Kirin Brewery Company for $10.55 million.
Kirin Australia is a malthouse operator located in Perth, Western Australia.
Managing director Alison Watkins says Kirin Australia is in an ideal location for supplying malt into the expanding south-east Asian beverage market.
The acquisition is expected to give Graincorp access to varieties of barley grown in Western Australia that are not readily available to the company in the east.
Ms Watkins says this feature is an important competitive factor and will allow GrainCorp to appeal to a wider range of customers, particularly in Asia.
In the 2010 financial year GrainCorp posted a net profit of $80.2 million.
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