Charoen Pokphand Foods acquires Brazilian shrimp producer Camanor

Charoen Pokphand Foods acquires Brazilian shrimp producer Camanor

Charoen Pokphand Foods PCL has acquired a minority share in one of Brazil’s top shrimp farmers and processors, Camanor Produtos Marinhos Ltda. The transaction, announced 18 April, is valued at USD 17.5 million (EUR 14.1 million) and gives Charoen Pokphand a 40-percent share of Camanor Produtos Marinhos.  Camanor is engaged in shrimp farming and primary processing of shrimp in Brazil. Its main products are fresh and frozen processed shrimp, distributed through domestic and export wholesalers. The company has also developed AquaScience, a closed operating system shrimp farming technology allowing shrimp to be raised in a high-density environment without using chemical or antibiotics.

Charoen Pokphand Foods Executive Committee Chairman Adirek Sripratak said his company pursued the investment “to further expand the business into high-growth market.” “It is [a] synergy investment which will strengthen CPF’s competitiveness in [the] shrimp business in terms of feed production, genetics improvement, and shrimp processing capacity through the company’s vision, ‘Kitchen of the World,’ by applying Camanor experiences in shrimp farming technology and CPF expertise in shrimp genetic[s],” Sripratak said in a press release. Sripratak said the investment will allow his company to extend its feed and hatchery businesses, and that Charoen Pokphand sees an opportunity in feeding Brazil’s domestic demand for shrimp. Camanor’s current total production capacity averages 100,000 metric tons per year, “which is not enough to domestic demand,” Sripratak said. “Brazil is a major source of agricultural materials required for production of shrimp feed and is also a high potential market with a sizable population and economy,” Sripratak said. “It will also provide geography diversification on CPF shrimp production operations.” The deal, which will give Charoen Pokphand 4,666,667 newly issued ordinary shares representing 40 percent of the total capital stock of Camanor, is expected to close in mid-May.

SOURCE : SEA FOOD SOURCE

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