May 9, 2018 / 5:51 AM / 2 months ago

NZ's Scales Corp to sell cold storage business for $105 mln

May 9 (Reuters) - Agribusiness company Scales Corp Ltd said on Wednesday it would sell its cold storage business for NZ$151.4 million($105.4 million) to Australian company Emergent Cold.

The business, which consists of Polarcold Stores and Whakatu Coldstores, was sold as Scales Corp is shifting focus to its agribusiness, the Christchurch-based company said in a statement.

“In addition to being less aligned with our core strengths, the returns from our Storage activities are also lower relative to our other business divisions,” Tim Goodacre, chairman of Scales Corp, said. ($1 = 1.4370 New Zealand dollars) (Reporting by Sumeet Gaikwad in Bengaluru; Editing by Gopakumar Warrier)

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