GrainCorp, the Australian grain storage and handling group, is to expand its international footprint by agreeing to buy United Malt Holdings of the US for A$757m (US$655m).

GrainCorp, which is buying UMH from buy-out firms Champ Private Equity and Castle Harlan, on Tuesday said UMH was the world’s fourth largest commercial malt manufacturer and the purchase would see it become a leading supplier to beer and whiskey makers.