Global industrial group Dyno Nobel has agreed to sell an industrial site in Australia to a subsidiary of an ASX-listed property developer, believed to be Goodman Group, for A$194m (€112m).
The Gibson Island site, located in the Brisbane suburb of Murarrie, is where the company, previously known as Incitec Pivot, stopped fertiliser production last year, ending over half a century of operation.
The decision to sell the site followed a change of Dyno Nobel’s strategy to split its fertilisers arm from its core business of making explosive. The company said it had, so far, made three sales agreement of up to A$835m to divest the business, including A$194m for the Gibson Island land.
Dyno Nobel’s CEO and managing director, Mauro Neves, said: “In September last year we outlined our strategy to separate the fertilisers business and become the leading global explosives business.
“I’m very pleased to announce that we are delivering on this ambition, with sale agreements for distribution and the Perdaman Offtake Agreement, and a conditional contract of sale for the Gibson Island land.”
Goodman Group declined a request for comment. But the group is on the record as saying it plans to expand its investment and development in Australia, particularly in data centres. It recently raised A$4bn to fuel the growth of its data centre business.
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