May 9 (Reuters) - Agribusiness company Scales Corp Ltd SCL.NZ said on Wednesday it would sell its cold storage business for NZ$151.4 million($105.4 million) to Australian company Emergent Cold.
The business, which consists of Polarcold Stores and Whakatu Coldstores, was sold as Scales Corp is shifting focus to its agribusiness, the Christchurch-based company said in a statement. addition to being less aligned with our core strengths, the returns from our Storage activities are also lower relative to our other business divisions," Tim Goodacre, chairman of Scales Corp, said. ($1 = 1.4370 New Zealand dollars)