Cooke Aquaculture set to purchase Chilean salmon company Published: 25 September, 2007
NEW-BRUNSWICK based fish farming company Cooke Aquaculture has announced that it intends to purchase Salmones Cupquelan S.A, a Chilean company with 30,000 MT of salmon production and annual sales of approximately $100 million.
As part of its continuing growth strategy, Cooke Aquaculture has signed a letter of intent, subject to customary due diligence and approval of the respective boards of directors, with the company.
This is Cookes second venture into international acquisitions. In 2004, the company acquired Atlantic Salmon of Maine and it is now leading the salmon farming industry in the eastern United States.
Chile has become a major player in the global salmon farming industry and we see this deal as an opportunity for applying our successful business model and corporate strategy in a new region, explains Glenn Cooke, the companys CEO.
It will allow us to strengthen our existing business in Atlantic Canada and the State of Maine and to secure the prosperity we have achieved in our home markets by bringing valuable geographic, species and market diversification to the company.
The expansion into Chile will give Cooke a platform for future growth and the ability to compete with global players by moving its annual production to 100,000 MT and vaulting the company to one of the worlds leading salmon producers.
Cooke says this deal will not diminish its commitment to its Atlantic Canadian and US operations. A Chilean division of Cooke will complement the companys existing business and be managed as a stand-alone company. A member of Cookes management team recently moved to Chile in order to explore opportunities for expansion.
I have been impressed with the dedication and resourcefulness of the Chilean people and their ability to develop their industry to such a scale in such a short time, says Mr Cooke.
I look forward to partnering with the people of Salmones Cupquelan S.A. to build on this success.
Cooke Aquaculture Inc. is a local, independent family-owned company based in Blacks Harbour, New Brunswick Canada with a 20-year history in salmon farming and a proven track record in profitability and sound environmental and fish health management. The company has pursued an aggressive growth and acquisition strategy with a focus on vertical integration and now manages its entire value chain, from egg to plate.
Glitnir, the leading global seafood bank, facilitated this deal as Corporate Financial Advisor.
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