PARIS (Reuters) - Malteries Soufflet, a branch of French agribusiness group InVivo, said on Monday it had signed an agreement to take over Belgian malthouse Castle Malting, one of the oldest producers of the beer ingredient in the world.
When InVivo announced the takeover of its peer Soufflet late 2021, it said it aimed to become the world's largest malt maker within five years by doubling the size of its malt business through external growth.
Castle Malting, called "La Malterie du Château" in French, is located near the castle of Beloeil in southern Belgium. Established in 1868, it is the oldest malting plant in the country and one of the oldest in the world.
Belgium is famous for its beers offering a large variety of flavours, colours and alcohol strengths. It is also a major malt producer with exports to more than 160 countries.
Castle Malting would give Malteries Soufflet the opportunity to develop its activity in the higher value-added craft beer market where it is not very present, InVivo said.
The acquisition is due to be finalised in the first quarter, it said. Financial details were not immediately available.