GrainCorp Teams Up With Japan's Zen-Noh to Expand in Canada
- GrianCorp to contribute C$30 million to 50-50 venture
- JV to run grain receival sites across Alberta, Saskatchewan
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GrainCorp Ltd. agreed with Zen-Noh Grain Corp., a subsidiary of Japanese agricultural cooperative Zen-Noh, to establish an equally-owned joint venture in Calgary, Canada.
GrainCorp will contribute C$30 million ($22 million) to the project over the next two years, while the venture will source additional funding of C$60 million from financial institutions, the Australian crop handler said in a statement Monday. GrainCorp’s contribution will be made from existing cash and debt facilities.