BioMar Group’s Joint Venture in China, BioMar-Tongwei Biotech (Wuxi) Ltd has acquired a 100% of the shares in the fish feed company Haiwei, which is situated in the south of China.
Carlos Diaz, CEO of the BioMar Group, stated that the acquisition fits perfectly with BioMar’s strategic focus on the top end of the Chinese aquaculture market.
Haiwei was owned by Tongwei Co. Ltd over the last 3 years, BioMar’s joint venture partner in China. Tongwei Co. Ltd has concluded a successful turnaround of Haiwei and today the company is a leading supplier of feed to high value fish species like Japanese sea bass in Southern China.
Carlos Diaz underlined that the acquisition is in line with BioMar’s global strategy ‘Shaping the Future’: “The acquisition is an important initiative, consistent with our growth strategy in core markets as well as within new species and geographies. In this regard, this is also an important step for our Emerging Markets Division, which plays a significant role supporting the strategy, securing growth for BioMar and building up new markets, integrating acquisitions, and servicing new species.”
Geographically the acquisition of Haiwei is in line with BioMar’s ambitions for the joint venture in China due to its location in the south of the country, near Macau, in an important aquaculture region. The acquisition will add more than 60,000 tonnes of volume to BioMar’s Chinese joint venture company.
The construction of the BioMar-Tongwei plant in Wuxi is in progress according to schedule and is expected to start operations in the second half of 2017.
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