Cargill has agreed to purchase 24.5% of the shares of Chilean salmon farming company Salmones Multiexport SA (Multi X).
In turn, Mitsui, a shareholder of Multi X since 2015, will increase its shareholding by 1.13%, to 24.5%. Multiexport Foods maintains control of Multi X with 51% of the total shares.
“Adding Cargill as a new partner of Multi X will be a strategic and decisive step in the next stage of development of the company and its purpose to win over the world's consumers with high-quality, value-added, sustainable products sold under our brands Multi X, Arka and Latitude 45,” said José Ramón Gutiérrez, chairman of Multiexport Foods.
“This partnership is an important next step in the development of our seafood strategy and will leverage our capabilities across the value chain, including consumer insights, culinary innovation, value-added processing know-how, risk management, and fish nutrition and health solutions," said Tim Noonan, managing director for Cargill’s seafood business. "As a result, we hope to provide more customers and consumers with access to Multi X’s high-quality portfolio of private-label and branded salmon products.”
Global consumption of salmon is expected to continue growing, driven by an increase in population and heightened consumer awareness of its health and sustainability benefits.