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Pesquera Diamante fishmeal plant. (Photo: Pesquera Diamante)

South Korean company interested in acquiring Pesquera Diamante

Click on the flag for more information about Peru PERU
Friday, February 22, 2013, 22:50 (GMT + 9)

Dongwon Industries Co Ltd announced yesterday that Dongwon Group does not rule out the acquisition of a Peruvian fish processor, after a South Korean source reported that Dongwon had made an initial offer to buy Pesquera Diamante, Reuters reported.

According to Korea Economic newspaper, the Asian firm, which is one of the leading companies in the fish food industry in South Korea, had offered to pay between USD 600 and USD 800 million to take over all of the shares of the Peruvian firm.

When asked about the negotiations, Diamante CEO, Ricardo Bernales, said he had no knowledge of the information published in the media, Peruvian newspaper Gestion informed.

Pesquera Diamante reported revenues of USD 191.4 million for the export of fishmeal in 2012, almost 11 per cent of the total value of Peruvian exports of this product.

The total sent abroad by the Peruvian company amounted to USD 236 million last year, of which USD 21 million came from frozen jack mackerel, Abancay Noticias detailed.

Diamante has ten fishmeal plants, a cannery in Samanco and two frozen product factories. It also has a fleet of 42 vessels -- 32 boats fish anchovy for indirect human consumption, 15 of which are prepared for jack mackerel and mackerel catching.

Furthermore, Dongwon has signed a partnership agreement with the Chinese company Bright Food Group.

This alliance will allow Dongwon to further penetrate the Chinese market of canned tuna with its products, while Bright Food Group will distribute and sell them.

The plan of the South Korean firm is to use Bright Food Group, which is the largest food producer and distributor in China, with a distribution network of more than 10,000 large discount and convenience stores, to achieve annual sales of canned tuna of USD 463.37 million in 2018 only in China.

Related article:

- Dongwon partners up with Bright Food Group to sell more tuna in China

By Analia Murias



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