As GrainCorp stated in a public announcement on 05. October, it had completed the purchase of GermanMalt GmbH & Co. for an enterprise value of €58 million, inclusive of €18 million in inventory and working capital. Previously, Graincorp had informed, that the acquisition was motivated by the wish to be a supplier of EU Malt (especially 6-row malt) in bulk to South American and African buyers.
The company also advised that the name of GermanMalt has reverted to ‘Schill Malz’, being the former company name. “Schill Malz” had not been used in the malt market, since GlobalMalt did the marketing of all GermanMalt products successfully in the last five years. After having closed the first Schill malting factory in Osthofen about five years ago, the Schill family decided in July to divest and sell their malting assets in GermanMalt GmbH & Co KG together with co-owners C.Thywissen to Graincorp Malt and their stake in GlobalMalt GmbH & Co KG to Hamburg based Tivoli Malz GmbH.
Of the former 5 members of the board of GlobalMalt, only Peter Schill and Carl Otto Schill will join the Graincorp subsidiary Schill Malz.
Dr. Dietrich Moench and Carsten Wulf will direct the GlobalMalt group and Tivoli Malz GmbH in Hamburg, while Sjef Menu continues to be Managing Director of C. Thywissen.