Marine Harvest has pressed forward with plans to expand across Chile

Marine Harvest has pressed forward with plans to expand across Chile

Salmon producer Marine Harvest has bought the farming assets from bankrupt firm Acuinova Chile for US$120m.

The deal will see an increase in salmon output in Chile by 15,000 metric tons next year the firm said in a statement. It includes a hatchery, a smolt facility, 36 sea water licences and a primary and secondary processing facility.

The deal is expected to close in the fourth quarter of the year.

"Marine Harvest views the deal as an important step in forming a lasting sustainable production framework in the Chilean farming industry," it added.

Show the press release

Marine Harvest is pleased to announce an agreement to purchase assets of the former Chilean farming company Acuinova Chile S.A., currently in bankruptcy. The assets represent a capacity to produce about 40 thousand tonnes HOG per annum.

The asset purchase includes a hatchery, a smolt facility, 36 sea water licences and a primary and secondary processing facility, all located in Chile's Region XI. The biomass included in the deal is expected to generate a harvest volume of about 15 thousand tonnes HOG in 2015.

The agreed purchase price for the assets is USD 120 million. Closing of the transaction is expected during Q4 2014 and the deal is subject to confirmatory due diligence and approval from relevant competition authorities as well as other customary approvals for such transactions.

During the last years, Marine Harvest Chile has left its comprehensive portfolio of assets in Region XI dormant and focused all production in Region X. The acquired assets provide Marine Harvest with the necessary comfort on zone control and on-shore infrastructure to commence sustainable production in the region.

Marine Harvest views the deal as an important step in forming a lasting sustainable production framework in the Chilean farming industry.

Original source: Marine Harvest