June 6, 2019 / 11:12 PM / 3 months ago

GrainCorp signs contract to reduce cash flow volatility related to harvest volumes

June 7 (Reuters) - GrainCorp, Australia's biggest listed bulk grain handler, said on Friday it has signed a 10-year deal with a unit of Aon PLC to reduce cash flow volatility linked to eastern Australian grain production, especially during droughts.

The deal will take effect from the 2019-20 financial year, and excluding certain production payments is likely to cost Graincorp less than A$10 million ($7.0 million) pre-tax per year.

$1 = 1.4333 Australian dollars Reporting by Aditya Soni in Bengaluru; editing by Richard Pullin

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