According to a report from Europa Press, the new company will be 70 per cent controlled by Intermalta with the remaining 30 per cent held by the sugar-to-dairy group.
One of the first projects for Maltacarrion will be the construction of a new production facility with a minimum production capacity of 60,000 tons of malt. The plant will be built at Monzon de Campos on a site currently occupied by a sugar processing facility owned by Ebro but which was closed last year.
The choice of Monzon de Campos is not a random one. The town is situated in the Castilla y Leon autonomous region, where the land is particularly apt for the production of barley, the key ingredient in malt production.
Maltacarrion's management will also seek financial support from the government of Castilla y León to help develop the business further.
The report said that Maltacarrion expected the new plant to begin production at the end of 2005.
The project is one of several designed to regenerate agricultural output in the area around Monzon de Campos following Azucarera Ebro's decision to close the sugar refinery there last year as part of its wide-ranging reorganisation.