Cargill Buys Norwegian Fish-Feed Producer EWOS for $1.5 billion

17 Aug 2015 | Author: | No comments yet »

Cargill buys Ewos for €1.35bn.

Agricultural conglomerate Cargill Inc. has bought Norwegian fish feed producer EWOS for €1.35 billion ($1.49 billion), as it continues to broaden its presence in the aquaculture industry, it said on Monday. “This transaction, which is significant and the second aquaculture acquisition Cargill has announced in as many months, is…evidence of our commitment to the growing aquaculture industry,” said Cargill Chief Executive David MacLennan. Cargill Inc., the world’s largest grain trader, agreed to pay 1.35 billion euros ($1.5 billion) for Norwegian salmon-feed supplier EWOS AS as the industry expands. Cargill has bought EWOS from Altor Fund III and Bain Capital Europe III, who have owned the company since 2013, and they will remain invested in the fish-farming sector through their ownership of Nova Austral in Chile. The deal would be the American food and agriculture giant’s first entry into the salmon market, making it a leading supplier to salmon farms as it expands its aquaculture business, Cargill said.

As part of the transaction, Cargill will acquire seven feed manufacturing facilities; three in Norway, and one each in Chile, Canada, Scotland and Vietnam, as well as two research and development centers in Norway and Chile. Norwegian media had linked Cargill with Ewos as far back as this time last year, when it was reported to have rivaled Altor and Bain’s own NOK 6.5bn (€784m) bid for Ewos, then owned by Cermaq. EWOS, which is based in Bergen, Norway, produces more than 1.2 million metric tons of fish feed a year and accounts for one-third of the world’s market for salmon and trout feed. Founded in Sweden in 1931, EWOS posted operating revenue of 11.6 billion Norwegian kroner, or about $1.4 billion, in 2014 and employed more than 1,000 people.

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