Pilmico expands feeds business in Vietnam through Eurofeed acquisition
As part of the Aboitiz Group’s further push into the Vietnamese market and expansion of its feeds business, Pilmico International Pte. Ltd. (Pilmico International), a wholly-owned subsidiary of Aboitiz Equity Ventures, Inc. (AEV), recently acquired 70 percent of the outstanding shares of Vietnam-based animal feeds company Europe Nutrition Joint Stock Company (Eurofeed).
The transaction price amounts to USD 3.2 million, based on 70 percent of equity value.
“Despite foreseen market challenges, Vietnam remains to be a strategic country for Pilmico, given its strong economy, a promising livestock industry and access to potential export markets. Pilmico’s presence in the ASEAN, expands through partnerships,” Aboitiz said.
Following the turnover ceremony, Aboitiz officially announced that the Company has changed its name from the Eurofeed Joint Stock Company to Pilmico Animal Nutrition Joint Stock Company.
In July 2014, Pilmico also acquired the 70 percent stake in leading Vietnamese aqua feed firm, Vinh Hoan Feeds, a leading and trusted supplier of aqua feed based in Dong Thap, Vietnam.
Founded in 2007, it operates a 130,000 tons-per-year aqua feed facility producing primarily pangasius (fish) feed. Its research and development team operates a pilot farm facility to continuously improve pangasius health and productivity.