(Oslo 2010.12.17) Cermaq has today signed a joint venture agreement with the
local partner, Anova Corporation, in Vietnam. Through its feed operations,
EWOS, Cermaq is entering operations in the Vietnamese feed market.
Through acquisition of shares and a share issue, Cermaq has obtained 51
percent of the shares in the joint venture company. Cermaq will control the
Board of Directors and the management team. Mr. Rune Vamråk, supply chain
director of the Norwegian company EWOS AS, is appointed as general manager for
By this agreement EWOS enters the feed market for farmed Pangasius. The broad
competence the company has within salmonids can be successfully transferred to
Pangasius, a white fish that has enjoyed a tremendous market growth in Europe
and the US over the last decade. Pangasius eats feed which is made mainly
from plants, and can supply significant volumes of sustainable marine protein
to the global food market.
The venture partner Anova Corporation is established in Vietnam with a plant
in the Long Anh province. The plant which will be transferred to the joint
venture company as a part of the transaction has an annual capacity of 85,000
tonnes. EWOS Vietnam has considerable ambitions for the Vietnamese market and
the goal is to utilize the full capacity of the plant within the first
operating year. The company has engaged the highly esteemed Pangasius expert
Mr. Serene, for the initial phase of market building.
The farming of Pangasius in Vietnam is around 1.8 million tonnes. The major
part of this volume is exported as fillets, reaching around 600,000 - 700,000
tonnes annually. Farming of Pangasius is predicted the highest growth globally
of farmed species the next decades.
- Vietnam is the fish feed market for the future. We are well
prepared, and look forward to employ our competence also outside the scope of
salmonids, says Kjell Bjordal, COO for Cermaq's feed operations, EWOS.
Through its establishment in the Vietnamese market EWOS can contribute with
its competence related to food safety and sustainability. Furthermore EWOS
will utilize its research based knowledge within fish nutrition, raw materials
and food production to produce a more cost efficient feed than what is
currently available in the Vietnamese market.
- We believe that the farming of Pangasisus can be strengthened
through optimizing the feed, focusing on feed technology, nutrient
requirements, and fish health, Mr. Bjordal emphasizes.
The agreement that gives Cermaq a limited access to an extensive market
represents a first investment close to USD 6 millions.
Further information - please contact:
Kjell Bjordal, Chief Operating Officer, fish feed, phone: + 47 55
69 70 94, mobile: +47 906 79 837
Einar Wathne, Deputy COO, fish feed, phone: + 47
55 69 70 02, mobile: +47 958 67817
Cermaq is an international group of companies with activities in fish farming,
production of salmonid feed and research in aquaculture. Cermaq has operations
in Norway, Chile, Canada and Scotland, the main geographic regions for salmon
and trout farming. Through its EWOS subsidiary, Cermaq ranks as the world's
second largest producer of feed for salmonids. The Mainstream subsidiary is
one of the world's leading farming companies of salmon and trout. The group
had sales of around 9 billion in 2009, and employed 2 796 end of September
Cermaq is listed on the Oslo stock exchange with ticker code CEQ
This announcement is distributed by Thomson Reuters on behalf of Thomson
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information contained therein.
Source: Cermaq ASA via Thomson Reuters ONE
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