Joyvio Group has agreed to acquire Chilean seafood producer Australis Seafoods for US$800mn

By Laura Mullan
Joyvio Group, a subsidiary of Chinese conglomerate Legend Holdings Corporation, has agreed to acquire Chilean seafood producer Australis Seafoods for US...

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.

SEE ALSO:

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.

Share

Featured Articles

Nestlé 'Meeting Sustainability Targets on Nescafé Coffee'

Nestlé is meeting targets on sustainably-sourced Nescafé coffee, & has donated 21mn plants as part of global ESG initiatives, a company report claims

Coffee Prices Soar as Extreme Weather Hits Brazil & Vietnam

Global coffee supplies hit by high rainfall in Brazil and a heatwave in Vietnam, and Smart Cube analyst Kanica Goel says situation unlikely to improve soon

Guinness & Carlsberg Back Drought Resistant Grain for Beer

Guinness and Carlsberg collaborate with Brooklyn Brewery on brewing beers using drought-resistant grain that requires no irrigation

Tyson Foods Shares Plummet in Face of Costs & Inflation

Food

Nestlé ESG Programme 'Boosting Cocoa Farmers' Income'

Sustainability

Mars Wrigley's Procurement-Sustainability 'Balancing act'

Sustainability