December 14, 2011

 

Australis buys 50% of American trading firm

Australis Seafoods announced the purchase of half of the American company, True Salmon Pacific Holding, at US$7,525,000.

 

Of the total amount agreed, US$4 million was cancelled on December 9 while the rest (US$3,525,000 million) is payable on January 16, 2012.

 

Federico Rodríguez, director of the Chilean firm, said that "such payments have been made and will be made with its own resources that will be provided by the companies comprising the holding company organised under Australis Seafoods."

 

According to what Australis reported to the Superintendencia de Valores y Seguros (SVS), True Salmon Pacific Holding is the second fish and seafood trading company in the US as to its sale volume, according to the 2010 figures.

 

In addition, Australis's subsidiary AMSA signed an agreement with two companies for marketing its products in Canada and the US.

 

"The incursion of the company in this market goes hand in hand with the increasing export of Atlantic salmon products to these countries, which has reached 10,262 tonnes of Atlantic salmon so far this year," said Infotrade.

 

The company plans to implement a development plan for US$274 million between 2011 and 2015 with the aim of increasing production to 80,000 tonnes of salmon.

 

In the first three quarters of 2011, Australis obtained a net income of US$28.2 million, an amount that made it the most profitable company in the Chilean industry.

 

Andres Saint Jean, general manager of the company, commented that the purchase of the American firm seeks to strengthen its strategic position in North America.

 

"We will achieve a better relationship with our customers from the retail area and from restaurant chains through product development that will directly benefit consumers," pointed out Saint Jean.

 

"With this acquisition we are reaffirming our commitment to investors, which is to be a company that provides healthy protein to the most sophisticated markets, and we hope that from next year our shipment volumes will grow exponentially," the businessperson added.

 

On June 9, Australis announced the acquisition of the companies Mitrahues and Galway. This agreement will facilitate the increase of the number of marine area concessions for salmon farming, which today is 48 areas, the newspaper El Mercurio reported.