Australian food group Goodman Fielder has completed the sale of its domestic flour milling and mixing business.

The sale has enriched Goodman Fielder’s coffers by around A$200m (US$109.3m).

The business was acquired by a joint venture comprising GraIncorp and Cargill Australia, and will be run under the name of Allied Mills. Cargill employee Ralph Selwood will head it up. Goodman Fielder has agreed to buy flour-based products from the new entity under a long-term contract, reported Dow Jones.