Genetics company, Genus plc, has announced the sale of SyAqua Brazil to an MBO-led team for US $6.0m (£3.25m) in cash, which the company says approximates net asset value.
For the ten months ended 30 April 2006, SyAqua Brazil generated turnover of £2.1m and an operating profit of £0.3m before research and development expense.
The company revealed its decision to divest the loss-making shrimp business to concentrate resources and investment on the much larger bovine and porcine businessesin the Interim Results, June 7, 2006.
Richard Wood, Chief Executive, said "We have moved swiftly to implement our strategy for disposal. With Brazil now sold, we are considering offers for the Mexican and Thai shrimp businesses."
More SyAqua Stories in Aquafeed.com archives:
Syaqua on track - results in line with expectations
Interim results show first half operating loss almost doubled
Sygen, Center for Technology Enterprise Sign Deal to Target Increased Biotechnology Funding in Kentucky
Research Attains New Heights in Shrimp Production
Environmentally responsible system shows great economic promise
SyAqua to buy Brazil's leading shrimp breeder
The aquaculture division of biotech company, Sygen International plc., SyAqua, is to acquire Brazil's leading shrimp breeding stock business, Aquatec, for up to US$13.0 million in cash.
SyAqua Expands into World's Largest Shrimp Producing Market - Thailand
SyAqua has signed leases for two shrimp hatcheries in
SyAqua Opens Shrimp Lab in California; Genetic Nucleus Programs in Hawaii and Mexico Established
SyAqua has officially opened its shrimp research facilities in Berkeley, California as the next step in its shrimp genetic improvement program
