Cargill's animal nutrition business announced that it is expanding its investment in the shrimp feed industry in Thailand by purchasing Siamakme Aquatic Feeds Co. Ltd., a shrimp feed manufacturer in Thailand. Terms of the agreement were not disclosed.
"Thailand is a major producer of fish and shrimp (that has) 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.
Cargill will assume 100% ownership and operation of the Siamakme manufacturing facility, which is located in Petchaburi, Thailand. The facility, built in 2001 and expanded in 2008, has a production capacity of 60,000 metric tons of shrimp feed per year.
The acquisition adds to Cargill's existing shrimp feed production capabilities in Mexico, Nicaragua, Honduras, Guatemala, Peru, Venezuela, India, Malaysia and Vietnam.
"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."
Cargill is an international producer and marketer of food, agricultural, financial and industrial products and services. Founded in 1865, the privately held company employs 142,000 people in 65 countries.
Siamakme, founded in 2000, is an aquaculture feed manufacturer specializing in the production of various marine shrimp feeds.