About three months after signing a memorandum of understanding to consider a joint venture to produce coho salmon and trout for Asian markets, Chilean salmon farmer Multiexport Foods has finalized a deal to launch a subsidiary with Mitsui USA. Multiexport's subsidiary, Salmones Multiexport (Salmex) owns 70 percent of the new subsidiary, which will begin operations in Chile this year. Salmex will provide seven freshwater aquaculture sites and 14 seawater aquaculture sites. Mitsui will provide USD 36 million (EUR 27 million) and have 30 percent control of the new company.
The operation is part of a new business structure that Multiexport has had implemented for some time now in which the company forms specialized value added business divisions. An Atlantic salmon division already exists, while the new subsidiary will focus on coho salmon and trout. A third business unit is specialized in the processing and marketing activities.
“We are very pleased with this agreement, which we hope will mark a new era for Multiexport Foods. This joint venture enables us to partner with Mitsui, a company that has vast international experience and support, and, in turn, raise funds to finance new project developments for the company,” said José Ramón Gutiérrez, executive VP of Multiexport.
