Cargill and Axereal announced their intention to enter into an agreement under which Cargill will sell its malt business to Axereal's malt subsidiary, Boortmalt. The transaction involves the global malt business, including 15 facilities across four continents, representing more than 500 people.

This transaction would give Boortmalt access to a global footprint and offer further growth opportunities for Cargill's malt business and its people, according to the announcement.

Cargill Malt serves the brewing, food and beverage industries by originating and transforming malting barley into malt.

Entry into the sale agreement is subject to information and/or consultation procedures with the appropriate employee representative bodies. The transaction will be subject to regulatory and other approvals and is expected to close in the second half of 2019.

Axereal, based in Olivet, France, is a cereal cooperative group specializing in growing and processing cereals for the brewing, baking and livestock industries. Axereal has 13,000 cooperative members and 3,200 employees. It generates turnover of around €3 billion per year and operates in 13 countries.

Boortmalt produces high-quality malt for brewers, distillers and microbrewers. It operates 10 malting plants in Europe and produces and sells more than 1 million metric tons of malt a year. Boortmalt uses its strategic site at Antwerp, Belgium, to export 50% of its total production to emerging markets.

Cargill has 155,000 employees across 70 countries working to connect farmers with markets, customers with ingredients and people and animals with the food they need to thrive.