Nutreco has successfully completed its acquisition of 75% of the shares in Gisis S.A., the shrimp and fish feed subsidiary of the Expalsa group. The transaction has received unconditional clearance by the Ecuadorian competition authority. This acquisition takes Nutreco into the global top three shrimp feed suppliers.
- This acquisition fully supports Nutreco's growth strategy to expand its fish feed business in growth geographies and non-salmonid species whilst maintaining its global number one position in salmon feed
- Ecuador's shrimp feed market is Latin America's largest and the third largest in the world after China and Thailand, and growing at around 8% annually
- Associated aqua feed joint venture in Honduras with leading international tilapia producer Regal Springs provides potential for further growth in Latin America and Southeast Asia
This acquisition strengthens Nutreco'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 EUR 157 million. The total consideration for the acquisition of 75% of the shares, including corresponding net debt, is approximately EUR 81 million.
Acquisition fully supportive to Ambition 2016
The acquisition fits 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 aquafeeds; notably for shrimp and non-salmonid fish species. The strategic target is to grow its fish feed business for non-salmonid species from 28% in 2010 to 45% of total fish feed volume by 2016. This acquisition will increase the non-salmonid share of total fish feed volume to close to 40% in 2013.
END PRESS RELEASE
Note to the editor (not for publication)
This press release is also published in Dutch. In the event of differences, the English language version shall prevail as the authoritative version.
Ambition 2016
Nutreco's 'Ambition 2016 - driving sustainable growth' is to grow and improve profitability by providing innovative and sustainable nutritional solutions for its customers and is expected to result in an EBITA of EUR 400 million by 2016. This will be realised by focusing on a higher added value portfolio of nutritional solutions such as premixes, feed specialties and fish feed, and by expanding into the growth geographies of Latin America, Russia, Asia and Africa, which will see the largest increases in both production and consumption of animal protein food products.
Nutreco
Nutreco is a global leader in animal nutrition and fish feed. Our advanced feed solutions are at the origin of food for millions of consumers worldwide. Quality, innovation and sustainability are guiding principles, embedded in the Nutreco culture from research and raw material procurement to products and services for agriculture and aquaculture. Experience across 100 years brings Nutreco a rich heritage of knowledge and experience for building its future. Nutreco employs approximately 10,000 people in 30 countries, with sales in 80 countries. Nutreco is listed on the NYSE Euronext stock exchange in Amsterdam and reported annual revenue of EUR 5.2 billion in 2012.
www.nutreco.com (http://www.nutreco.com/)
For more information:
Jurgen Pullens, Director Investor Relations
Telephone: +31 (0)33 422 6134
Mobile: +31 (0)6 51 599 483
E-mail: jurgen.pullens@nutreco.com (mailto:jurgen.pullens@nutreco.com)
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Source: Nutreco via Thomson Reuters ONE
