Joyvio Group, a subsidiary of Chinese conglomerate Legend Holdings Corporation, has agreed to acquire Chilean seafood producer Australis Seafoods for US$800mn.
Last year, Australis farmed around 64,000 metric tons of salmon representing 9% of the total production in Chile.
In 2017, the seafood producer reported sales of US$399mn and a net profit of US$73.4mn.
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In a statement, Joyvio said it sees salmon as a huge market opportunity in China’s domestic market and internationally.
The firm said: “Salmon is the most recognized seafood category for consumers worldwide with high nutritional value, high adaptability in taste and easy to cook.
“Salmon can be supplied throughout a year, which represents an unparalleled advantage in terms of industry standard, technology leadership and sustainability.
“The tight balance between global supply and demand makes upstream resources the most valuable link in the whole industry chain.”
China-based Joyvio group has a focus on fresh fruit and animal protein, but it has recently turned toward fresh seafood as an opportunity in the Chinese market.
Last year, China’s Joyvio acquired Qingdao-based China Starfish, allowing the firm to expand its footprint into coldwater shrimp and pollock.
Meanwhile, in 2016, it also acquired a controlling stake in seafood producer and exporter KB Food International.