[9 May/NZ Herald]

Scales Corp will sell its cold storage businesses to US cold chain company, Emergent Cold. The deal will be for $151.4 million. Scales Corp Chairman, Tim Goodacre, said the Group’s strengths were operating fully-vertically integrated agriculture businesses, participating in businesses with an export focus and adding value through connection to the China market. He added that the returns on its storage activities were lower relative to its other divisions. The deal was subject to Overseas Investment Office approval. Mr Goodacre noted the proceeds were intended to be used to pursue other New Zealand agribusiness opportunities. Emergent Cold Chief Executive, Neal Rider, said they looked forward to supporting the growth and expansion of the business throughout New Zealand and Asia Pacific.