France's InVivo to buy one of the world's oldest malthouses in Belgium

InVivo Therapeutics Holdings

02/01/2023 14:58

PARIS, Jan 2 (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.
 (Reporting by Sybille de La Hamaide; editing by David Evans)
 ((Sybille.deLaHamaide@thomsonreuters.com; +336 8774 4148;))