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Farmed salmon. (Photo: Cermaq)

Cermaq concentrates over 55 pc of its salmon business in Chile

Click on the flag for more information about Chile CHILE
Tuesday, October 16, 2012, 02:20 (GMT + 9)

Following the agreement reached by Cermaq ASA to acquire all the shares of Cultivos Marinos Chiloé, for USD 110 million, over 55 per cent of the salmon business of the Norwegian multinational firm is now in Chile.

The purchase of the Chilean aquaculture company will allow Mainstream Chile (Chilean subsidiary of the Norwegian company) to increase by 40 per cent in production volume.

According to official estimates, this year the Chilean salmon industry will manage to export products for a value close to USD 3,000 million.

The projected growth means that out of the 180,000 tonnes that Cermaq expects to produce globally, about 100,000 tonnes will come from its operations in Chile, said Francisco Miranda, Mainstream Chile general manager and chief executive of the European group in Chile.

In 2011, Cermaq’s Chilean subsidiary had a turnover of USD 272 million, equivalent to 45 per cent of its global salmon sales, the newspaper La Tercera reported.

At present, with the acquisition of Cultivos Marinos Chiloé, the Chilean Mainstream subsidiary "clearly established itself as the largest firm of the group," ensured the entrepreneur.

The operations in Canada and in Norway are located further back, each representing 20 per cent and 35 per cent of total salmon sales of the group.

Miranda clarified that the increase in salmon production expected as a result of the purchase of Cultivos Marinos will not be reflected in 2012 results, "but these gradual effects will be observed from 2013."

Besides, he added that Chile is a "very good place" for the salmon business in the long term.

For Miranda, the salmon business will continue being very good in Chile if a sustainable aquaculture is practised: "It is a country with great potential for growth in aquaculture in general," he stressed.

With the acquisition of Cultivos Mrinos Chiloé, Cermaq had two main objectives: the flexibility of having a presence in neighbourhoods where it was not present and added value production.

Miranda stressed that when considering the three species that the company produces in Chile -- Atlantic and Pacific salmon and trout – it was the second largest exporter in the sector in the last couple of years, after AquaChile.

The strategy is to continue producing these three species and to have a balanced presence in three production areas: X, XI and XII.

Related article:

- Cermaq to acquire all shares in Chilean farming firm

By Analia Murias
[email protected]
www.fis.com

 

Photo Courtesy of FIS Member  Cermaq Group AS - Headquarters
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