Mitsui-Multiexport deal completed
Mitsui now owns 23.37 per cent of Salmones Multiexport, a subsidiary that now controls the entirely of Multiexport’s salmon farming business in Chile.
On December 15th, the Japanese company Mitsui & Co bought 23.37% of the shares of Salmones Multiexport SA (Salmex) from Multiexport Foods, in a deal worth US$ 100.7 million. Multiexport Foods now owns the remaining 76.62% of Salmex stocks.
The funds will be used to improve the financial position of Salmex; to finance investments in capital assets; and to finance the working capital of the company.
José Ramón Guitérrez, CEO of Multiexport Foods, highlighted that: “The inclusion of Mitsui as a new shareholder of the branch Salmones Multiexport constitutes a favorable opportunity to strengthen the productive and commercial leadership.
“We are sure that Mitsui will contribute all of its experience and global presence to Salmones Multiexport by adding value to our products, broadening presence in international markets and advancing improvements in the operational efficiencies”.
Mitsui expressed interest in participating in the ownership of Salmones Multiexport given the growth of the global population and the worldwide demand for high quality seafood products. With this transaction, Mitsui expects to be able to contribute decisively in the development of the Chilean salmon industry.
The Multiexport group and Mitsui have a 20-year relationship, mainly in the commercialization of Chilean salmon in Japan. During 2013, Multiexport and Mitsui decided to start a joint venture through Multiexport Pacific Farms, dedicated to the production and commercialization of coho salmon and trout, primarily for the Asian market.
