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Keytone Dairy to acquire Australia's Super Cubes

New Zealand-based Keytone Dairy Corp. Ltd. said Sept. 18 that it signed an agreement to acquire frozen food company 40Forty Foods Pty. Ltd., trading as Super Cubes, for A$726,000. Keytone is a maker of dairy and nutrition products.

After the transaction is completed, Keytone will make an up-front payment of A$120,000 in cash, repayment of A$463,000 debt and deferred cash consideration of A$143,000 payable over two years. Super Cubes produces frozen fruits and vegetable plant-based proteins.

Peter James, Keytone's chairman, said the acquisition is intended to "drive sales in both the Super Cubes product portfolio as well as other Omniblend branded products, including the Tonik range."

The packaged food company will fund the transaction through cash reserves and the issuance of equity.

In July, Keytone completed its acquisition of Melbourne, Australia-based manufacturer Omniblend Pty. Ltd. for A$22.6 million.