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Scales to sell cold storage unit to US-based Emergent Cold

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Scales Corp will sell its cold storage businesses to newly-incorporated US cold chain company Emergent Cold for $151.4 million as it shifts to a greater focus on pure agribusiness.  "We have identified our strengths as (1) operating fully-vertically integrated agriculture businesses, (2) participating in businesses with an export focus, and (3) adding value through connections to the China market," said Chairman Tim Goodacre in a statement to the NZX.