"Thailand is a major producer of fish and shrimp with strong growth potential, and we are delighted about this strategic acquisition because it strengthens our presence in Asia and provides a platform for further expansion in this important market," said Watcharapong Poomongkutchai, managing director of Cargill Feed & Nutrition Thailand.
"Siamakme's ambition has always been to manufacture the best shrimp feeds in Thailand," said Jeanny Hung, managing director of Siamakme.
"We feel that under Cargill's ownership the business will be able to continue this legacy and tap into Cargill's global expertise to provide Thai shrimp producers with innovative solutions and high-quality products."
Effective today (11 July), Cargill assumes 100 per cent ownership and operation of the Siamakme manufacturing facility which is located in Petchaburi, Thailand. The facility, which was built in 2001 and expanded in 2008, has a production capacity of 60,000 metric tons of shrimp feed per year. It is ideally located to serve shrimp producers in Thailand; the world's second-largest shrimp feed market.
"Siamakme has a strong reputation thanks to its dedicated employees and suppliers," said Poomongkutchai.
"We are looking forward to working with our new colleagues to serve Siamakme's existing customers and expand the business to serve shrimp producers throughout Thailand."
The acquisition adds to Cargill's existing shrimp feed production capabilities in Mexico, Nicaragua, Honduras, Guatemala, Peru, Venezuela, India, Malaysia and Vietnam. With this investment, the company will continue to leverage its global research and development capabilities, which includes 15 R&D facilities around the world where researchers develop new and improved feed technologies.
Terms of the agreement were not disclosed.
