Sumitomo, Prima JV to buy Yarrow's Australian business for 4 billion yen, Reuters reports

Mon, 20 Aug 2012

By Paul McBeth Aug. 21 (BusinessDesk) - Japan's Sumitomo Corp and Singapore's Prima will spend 4 billion yen buying the Australian business of failed Taranaki breadmaker Yarrows, according to media reports. The Japanese trading firm and Singaporean flour miller will each invest 40 percent into a joint venture that will see them buy Yarrows' plants in Sydney and Perth, Reuters reported, citing the Nikkei business daily. Yarrows controls more than 90 percent of Australia's frozen dough market. The acquisition will help Sumitomo grow sales to...

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