Cargill buys Siamakme Aquatic Feeds Co., Ltd. Acquisition supports Cargill's strategy to expand its aquaculture business in key growth geographies
BANGKOK, July 11, 2013 /PRNewswire/ -- Cargill's animal nutrition business announced today 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 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, Cargill assumes 100 percent 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.
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. Cargill helps customers succeed through collaboration and innovation, and is committed to applying its global knowledge and experience to help meet economic, environmental and social challenges wherever it does business. For more information, visit www.cargill.com.
About Cargill in Thailand
Cargill's activities in Thailand started in 1968 with the opening of a trading office in Bangkok. Today Cargill's operations comprise the origination, sourcing, processing, handling, distribution and marketing of a wide range of products including agricultural commodities, animal feed, poultry and food, as well as food and beverage ingredients. The company employs more than 12,000 people across nine locations in Thailand. For more information, visit www.cargill.co.th.
About Siamakme Aquatic Feeds Co., Ltd.
Siamakme Aquatic Feeds Co., Ltd., founded in 2000, is an aquaculture feeds manufacturer specializing in the production of various marine shrimp feeds, including black tiger shrimp, whiteleg (vannamei) shrimp and freshwater prawn feeds. With a manufacturing facility in Petchaburi, Thailand, the company is at the center of all major shrimp-producing countries in Southeast Asia. For more information, visit www.siamakme.com.