Multiexport salmon farm. (PHoto: Multiexport)

Multiexport and Mitsui create a company specialized in salmonids

CHILE
Tuesday, January 15, 2013, 21:50 (GMT + 9)

Multiexport Foods S.A., through its subsidiary Salmones Multiexport S.A. (Salmex), agreed with Mitsui & Co. to launch a joint venture dedicated to the farming, processing and marketing of trout and Pacific salmon.

The new firm promoters seek to enter the Asian market, with particular emphasis on China.

Both companies have a relationship of 20 years, mainly in marketing of Chilean salmon in Japan, Diario Financiero informed.

Salmones Multiexport is expected to contribute this year with 7 concessions for freshwater aquaculture, 14 concessions for seawater aquaculture, plant and equipment for the implementation of four farms, the necessary biomass to start production and the human resources to begin operations.

Meanwhile, the Japanese firm acquires 30 per cent stake in the new company, equivalent to USD 36 million.

Through this operation, Multiexport Foods hopes to form specialized business units that add value to the company.

"We are pleased with this agreement, which we hope will mark a new era for Multiexport Foods," said the executive vice president of the company, Jose Ramon Gutierrez.

"This transaction allows us to partner with a company with great international experience and support as Mitsui, and in turn, get funds to finance the new development projects of the company," he added.

Besides, Mitsui pointed out in a statement "With a growing global population and improved living standards, the global demand for seafood products, which are a source of high quality animal protein, is growing every year."

"However, the supply of non-farmed products is limited, thus the increasing demand must be met by aquaculture," he added.

The corporate finance manager of the Chilean company, Raimundo Silva, said that this is "a very strategic partnership to both Mitsui and Multiexport. They are two very strong partners, leaders in their businesses, which are associated with the goal of penetrating a market with tremendous potential, where Chile has to build a strong position. "

"In recent weeks we have seen a high optimism by investors who invest in the sector. This transaction reaffirms interest in investing in the industry, which is showing clear signs of the beginning of a new cycle," Silva concluded.

Related article:

- Multiexport and Mitsui partner to enter China

By Analia Murias
[email protected]
www.seafood.media

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