Farmed Atlantic salmon. (Photo: Los Fiordos)

Agrosuper seeks partner to strengthen Los Fiordos

Agrosuper is in search of a formula to strengthen growth in Los Fiordos, given the poor performance of the industry and the capacity of its salmon subsidiary to double its production.

Among the possible actions, the group considers a merger deal or seeking a strategic partner.

Those investors who feel satisfied with the financial results experienced by the salmon farming industry in recent years are very few because although sanitary rates have improved, the sector has competitiveness issues with Norway.

Besides, the Chilean production has to face increasing competition from Norwegian products entering the US market, the main destination of Chilean salmon.

Los Fiordos is one of the largest salmon producers in Chile, with sales of USD 348 million in 2014. Agropesur considers that this company has growth potential so it instructed IM Trust-Credicorp Capital to find a formula to boost this business, Gestion reported.

According to the 2013 annual report issued by Agrosuper, Los Fiordos "is the only producer that has production capacity, concessions and fjords available to double its capacity in the coming years."

Los Fiordos owns two fish breeding farms, further four farms, 28 sea centres for fattening and 101 concessions in the regions of Araucania and Aysen.

It exports its products to 20 countries on three continents, and its main markets are the United States, Brazil, Japan and Russia, which account for 66.1 per cent of its sales abroad.

According to Agrosuper 2014 financial statement, in the aquaculture segment --articulated under the company Los Fiordos -- it recorded a 41.1 per cent increase in sales, achieving an operating margin of 5.7 per cent (excluding the fair value result). This result was attributed to higher volumes and the rise in the average Atlantic salmon price.

Related article:

- AGROSUPER increased sales in 2014  

By Analia Murias
editorial@seafood.media
www.seafood.media

Address:	Camino la Estrella N°401, of. 7, Sector Punta de Cortes
City:	Rancagua
Country:	Chile
Phone:	+56 72 201 000
Fax:	+56 72 201 000
E-Mail:	info@agrosuper.com
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