Australian food ingredients company Burns Philp said on Thursday that it had agreed to sell its Australasian terminals division to Kaneb Pipe Line Partners for A$83 million (€45m).
The terminals division provides bulk liquid storage and handling services to the chemical, plastics and industrial food ingredients businesses in Australia and New Zealand.
The sale follows Burns Philp's US$110 million acquisition of Kraft Foods International Latin American yeast and bakery ingredients business in June.
Burns Philp, 20 per cent owned by New Zealand entrepreneur Graeme Hart, completed a A$1.1 billion refinancing programme last year aimed at restoring profitability.
The company expects to complete the sale at the end of August and said it was conditional on New Zealand Overseas Investment Commission and other third party approvals.
Shares in Burns Philp closed on Wednesday at 57 cents. The company is expected to deliver a 2001/02 year profit of A$142 million, according to a consensus of analysts' forecasts on Multex Global Estimates.