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GrainCorp Limited (ASX:GNC) has completed its acquisition of GermanMalt for 58 million euros, or about $80 million.



In July the grain producer announced the purchase of GermanMalt, that has four malt houses throughout Germany with an annual production capacity of up to 190,000 tonnes. 

GermanMalt will now revert to its former name Schill Malz, while the current joint managing directors will remain at the post.

Graincrop says its latest acquisition will allow it to position itself in the growth markets of Asia and Africa.

In the first half of its 2011 financial year GrainCorp improved its net profit by 66 per cent to $87.7 million.