Benchmark buys back breeding unit
BENCHMARK Holdings, the aquaculture health, nutrition and genetics business, completed the dissolution of its joint venture with AquaChile last month.
Benchmark will receive its $16.25 million original investment, and the company will also receive the IP rights, genetics stock and biomass in the joint venture.
The dissolution has created an opportunity for the company to take control of a land based salmon breeding facility belonging to the joint venture.
The move follows the acquisition of AquaChile by Agrosuper.
Benchmark Genetics, under the joint venture with AquaChile, has been successful in accelerating its entry into the Chilean market.
This saw the launch of Benchmark Genetics Chile in October 2018, and the establishment of its genetics programme locally.
Chile is the world’s second largest salmon producing country, and an important market in Benchmark’s long term strategy.
Malcolm Pye, Benchmark CEO, said: ‘We are pleased to have the opportunity to fully own the world class salmon breeding facility currently owned by the joint venture, and to reinvest the funds to move towards full scale production and commercialisation.
‘We look forward to strengthening both our relationships and cooperation with existing and new partners in Chile. Whilst this marks a change to Benchmark’s approach to the market, it is a positive step towards fulfilling our key objective of accelerating our establishment of a strong local presence in this important market, in line with our strategy.’