Benchmark Holdings, a British multinational salmon breeding and genetics firm, breaks into Tilapia genetic market with two key acquisitions in the US and Norway.
In July, Benchmark Holdings surged 10% after saying it had acquired Norwegian aquaculture genetics and research business Akvaforsk Genetics Center AS (AFGC) and 80% of the issued share capital of US-based Spring Genetics for a combined total consideration of NOK140 million, or about $17 million dollars.
The acquisitions, which will be made from existing cash balances, marks a strategic move into aquaculture genetics across a wider number of major farmed species, and into breeding in the fast growing tilapia sector, the company said the announcement.
Benchmark said they are expected to be earnings-accretive in the year ending 30 September 2016, and will enhance the group’s position as a leader in the aquaculture genetics space, with new customers across new geographies and species.
As well as maintaining a strong performance in its Breeding and Genetics Division, Benchmark has successfully recovered its sales of Byelice/Salmosan in Chile as announced in the interim results earlier this year.
— Erich Leuning