Nutreco acquires Egyptian feed firm
Nutreco announced it has entered into an agreement to acquire the remaining 67 percent of Egyptian feed producer Hendrix Misr.
Nutreco acquired the first 33 percent of the company in 2001. Hendrix Misr mainly produces tilapia feed sold under the Skretting brand. Total revenue for the company in 2012 was about EUR 25 million (USD 33 million). Nutreco intends to expand the current fish feed capacity of 25,000 metric tons (MT) to 75,000 MT by 2015.
“Full ownership of Hendrix Misr offers Nutreco a good base to expand its activities in this attractive growth market. The Egyptian market for extruded fish feed is expected to achieve double-digit growth for the foreseeable future,” said Nutreco.
“This acquisition fits in very well with Nutreco’s strategy ‘Ambition 2016 — driving sustainable growth’, which aims to expand in growth geographies as well as in fish feed for non-salmonid species,” said Viggo Halseth, Nutreco COO. “By moving to full ownership, we are able to accelerate the next phase of our growth ambition in this attractive market.”