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Cargill secures 24.5 percent of shares in Chilean salmon company

Chile’s Salmones Multiexport SA (Multi X) has added Cargill as a new strategic partner as it expands its reach to new customers.

The Fish Site
by The Fish Site
21 March 2022, at 10:21am
man tossing aquafeed into a fish pen
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

© Hendrix Troutlodge

José Ramón Gutiérrez, chairman of Multiexport Foods SA, a pioneer and leader of salmon farming in Chile, announced that Cargill, the global food and agriculture company, has agreed to purchase 24.5 percent of the shares of Multi X, the subsidiary of Multiexport Foods SA.

In turn, Mitsui, a shareholder of Multi X since 2015, will increase its shareholding by 1.13 percent, to 24.5 percent. Multiexport Foods SA maintains control of Multi X with 51 percent of the total shares. The transaction is subject to certain regulatory approvals and the fulfilment of conditions agreed by the parties.

“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’,” said Gutiérrez.

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.

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.

man speaking at a conference
José Ramón Gutiérrez, chairman of Multiexport Foods

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

“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,” said Tim Noonan, managing director for Cargill’s seafood business. “This partnership is an important next step in the development of our seafood strategy and 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.”