Japan’s Mitsui & Co. plans to invest in the world's largest shrimp farming company, Ecuador-based Industrial Pesquera Santa Priscila (IPSP). The acquisition price for the shares is USD 360 million (JPY 50 billion) and is planned to be executed within the fiscal year ending March 2024.
In Ecuador, the world's center of shrimp farming industry for export, Mitsui and IPSP's founders will jointly collaborate to pursue increased productivity and efficiencies to optimize operational excellence and best serve customers' needs. The partners will work to maintain a high focus on social responsibility, respect for the environment, and high product quality, and will continue strengthening IPSP to lead the modernization of the growing industry.
Focusing on the potential of the shrimp industry, which is becoming increasingly industrialized and concentrated, Mitsui has invested in Minh Phu Seafood, the world's largest shrimp processing company based in Vietnam in 2019 and has been strengthening the shrimp processing and sales business. Through this investment in IPSP, Mitsui aims to become a leading global player in the shrimp industry by extending the value chain to upstream such as breeding, feed and farming.