June 14, 2013
Nutreco completes shrimp and fish feed acquisition in Ecuador
Press release
Nutrecohas completed its acquisition of 75% of the shares in Gisis SA, the shrimp and fish feed subsidiary of the Expalsa group, making Nutreco the global top three shrimp feedsuppliers.
Ecuadorian competition authority has given unconditional clearance for the transaction. The total consideration for the acquisition of 75% of the shares, including corresponding net debt, is approximately a？？81 million (US$108.05 million).
The acquisition has strengthenedNutreco''s aquaculture feed business Skretting in Latin America, with production, sales and distribution facilities for shrimp and tilapia feed in Ecuador, Honduras, and Peru and a joint venture with Regal Springs in Honduras. Revenues in 2012 amounted to a？？157 million (US$209.43 million).
With the acquisition, Nutreco will increase the non-salmonid share of total fish feed volume to about 40% in 2013, whichfits into Nutreco''s strategy to capitalise on its leading fish feed positions, such as in salmon feed, and to expand into growth regions important for aqua-feed, notably for shrimp and non-salmonid fish species.
The strategic target of Nutrecois to grow its fish feed business for non-salmonid species from 28% in 2010 to 45% of total fish feed volume by 2016.