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Cargill investment ‘a decisive step’ for Chilean salmon farmer Multi X

US feed giant Cargill’s purchase of a 24.5% stake in Chilean salmon producer Multi X is a “strategic and decisive step” in the next stage of development of the fish farmer, according to José Ramón Gutiérrez, president of Multi X parent company Multiexport Foods.

The Chilean company announced on Friday that Cargill had agreed to buy the shares, and that the Japanese company Mitsui, a shareholder in Multi X since 2015, will increase its shareholding by 1.13% to 24.5%. Multiexport Foods maintains control of Multi X with 51% of the shares.

The transaction is subject to certain regulatory approvals and the satisfaction of conditions agreed upon by the parties.

José Ramón Gutiérrez:
José Ramón Gutiérrez: "We will combine capabilities and strengths".

Next stage

“The entry of Cargill as a new partner of Multi X will be a strategic and decisive step in the next stage of development of the company in its purpose of reaching consumers around the world with value-added products of the highest quality, produced in a sustainable way and marketed under our Multi X, Arka and Latitude 45 brands,” said Gutiérrez in a press release.

“Global salmon consumption is expected to continue to grow, driven by population growth and increased consumer awareness of its health and sustainability benefits. Responsible aquaculture will play an important role in meeting this growing demand and will make a significant contribution to meeting the great challenges of climate change.

“Cargill shares Multi X's commitment to providing the world with delicious, healthy products that are good for consumers and the planet. This association also accounts for the long-term commitment and confidence of our companies in Chile and in the future of the salmon industry in the country.”

“Together with Cargill and Mitsui, and our talented and passionate collaborators, we will combine capabilities and strengths for the sustainable development of Multi X and deepen our commitment to the southern regions of Chile.”

Tim Noonan:
Tim Noonan: "We look forward to providing more consumers with access to Multi X’s salmon products, both private label and own brand." Photo: LinkedIn.

Seafood strategy

Tim Noonan, managing director of Cargill’s Seafood Business, said: “This partnership is an important step in the development of our seafood strategy and will allow us to use our capabilities across the value chain, including consumer insights, culinary innovation, value-added processing insights, risk management and fish health and nutrition solutions.

“As a result, we look forward to providing more customers and consumers with access to Multi X’s high-quality portfolio of salmon products, both private label and own brand.”

Shuichi Matsuzawa, senior vice president of the food and retail division of Mitsui USA, said: “We are confident that this partnership represents the powerful union of three companies that want consumers around the world to have more access to affordable seafood, while protecting our oceans and contributing to the development of the communities in which we operate.

“Bringing together the unique capabilities of Multiexport Foods, Cargill and Mitsui will create value for everyone associated with Multi X.”

According to the annual Salmon Farming Industry Handbook product by the world’s biggest salmon farmer, Mowi, Multi X produced 85,200 tonnes (head on gutted) of Atlantic salmon in 2020, making it Chile’s second largest producer after Aquachile.