GrainCorp unveils $200m revamp of grain storage network
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GrainCorp will invest $200 million over three years to improve the efficiency of its country grain storage network.
GrainCorp executive chairman Don Taylor said the investment -- a new initiative to be called 'Project Regeneration' -- reflects the group's push to improve its customer service as as international demand for grain increases.
"Project Regeneration represents the single largest capital investment in the country network in GrainCorp’s history," he said.
"It will deliver a faster and more efficient rail capability for the benefit of growers and grain buyers."
GrainCorp said it was seeking to return up to one million tonnes of grain to rail, through reduced train cycle times and streamlined operations through the project.
The project will be funded from cash flow and debt facilities, though there will be a restructuring cost of $4 million, which is expected to be reported as a significant item in GrainCorp's earnings, principally in fiscal 2014.
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