Chilean salmon farming firm AquaChile has signed a binding agreement with Benchmark Holdings to form a joint venture focusing on salmon production research.
Puerto Montt, Chile-headquartered AquaChile will own a 51 percent share in the new company – to be called Benchmark Genetics Chile S.A. – while Sheffield, England-based biotechnology firm will have a 49 percent stake, according to a filing with Chile’s Commission for the Financial Market.
The JV will be tasked with improving the quality, sustainability, and biosecurity of Atlantic salmon eggs used in AquaChile’s Chaicas and Ensenada fish farms. Benchmark Genetics Chile will also seek to commercialize Pacific salmon and trout eggs and will provide genetic counseling services to third parties. The JV will be supported by staff and technical expertise from Akvaforsk Genetics Center, a subsidiary of Benchmark in Norway.
AquaChile General Manager Agustín Ugalde said the project represents a major step forward for salmon aquaculture in Chile.
"We are very happy with this partnership, which will allow us to continue improving the genetics of our fish, and with that the productivity and performance of our base business of salmon and trout fattening,” Ugalde said. “We have found in Benchmark a partner with a lot of experience in this field and with a good focus on the key aspects of our business, such as health, nutrition, and animal genetics. This operation also validates the efforts we have made to produce eggs in the national territory with the highest standards of quality and biosecurity.”
AquaChile is one of Chile’s largest aquaculture operations, producing 110,000 tons of Atlantic and Pacific salmon, as well as trout and tilapia. Benchmark Holdings, which had sales of GPB 140.2 million (USD 186.1 million, EUR 159.8 million) in 2017, has a focus on aquaculture nutrition, genetics, and other scientific research related to marine products. Its subsidiaries include StofnFiskur, Salmobreed, and the Akvaforsk Genetic Center.
Benchmark Malcolm Pye said he looked forward to bringing Benchmark’s expertise to the Chilean salmon market.
"We are very pleased to announce today this partnership, which combines the business developed by AquaChile of land production of eggs with the highest quality and adapted to the local environment, with leadership in salmon genetics and long research experience in this field that brings Benchmark. We believe that together with AquaChile we will build a world-class operation in Chile,” Pye said. “This agreement establishes a unique platform for Benchmark in the region, and we hope to deliver the best service and work with the entire salmon industry to be part of the future sustainable development.”
