SyAqua Brazil sold
Mexico and Thailand shrimp businesses next in line
June 19, 2006
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
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