Cargill to buy 24.5 % stakes of Chilean salmon producer, Multi X

Multi X adds Cargill as new strategic partner and increases its reach to more consumers
Cargill to buy 24.5 % stakes of Chilean salmon producer, Multi X

Photo - Multi X

Multiexport Foods S.A, a pioneer and leader of salmon farming in Chile, recently announced that Cargill, the global food and agriculture company, has agreed to purchase 24.5 percent of Multi X's shares, the subsidiary Multiexport Foods S.A. The initiative has been initiated to increase the consumer base. In turn, Mitsui, a shareholder of Multi X since 2015, will increase its shareholding by 1.13%, to 24.5%. Multiexport Foods S.A. maintains control of Multi X with 51% of the total shares. The transaction is subject to certain regulatory approvals and the fulfillment of conditions agreed by the parties.

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. Responsible aquaculture will play an important role in meeting that increasing demand for salmon while helping address the critical challenge of climate change. Cargill shares Multi X's commitment to provide the world with delicious, healthy products that are good for consumers and the planet.

"José Ramón Gutiérrez, chairman of Multiexport Foods SA said, "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. This partnership is also an important signal of our companies' long-term commitment and confidence in Chile and the future of the salmon industry in the country."

Gultierrez emphasized, "We welcome Cargill, with their 156-year track record of growth and success and a purpose and values that align with ours. Together with Cargill and Mitsui, and our talented and passionate collaborators, we will combine capabilities and strengths for sustainable development of Multi X and deepen our commitment to the southern regions of Chile."

Talking about the partnership Tim Noonan, managing director, Cargill's seafood business said, "At Cargill, we seek to be a differentiated leader in the seafood industry, combining innovation with operational excellence to enable greater affordability and integrity of supply chains for our customers and consumers. This partnership is an important next step in developing our seafood strategy. It 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. 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."

Shuichi Matsuzawa, senior vice president of the foods and retail division, Mitsui USA said, "We are confident that this partnership represents a powerful union of three companies that believe in making affordable seafood more available to consumers worldwide while protecting our oceans and improving the communities in which we operate. Bringing together the unique capabilities of Multiexport Foods, Cargill and Mitsui will create value for all of Multi X's stakeholders."

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