Nissui Group to Expand South American Salmon Aquaculture Business 2.5-Fold Through Full Acquisition of Chilean Producer Pesquera Yadran S.A.
2026/01/16
Nissui Corporation (Representative Director, President & CEO: Teru Tanaka; Head Office: Minato-ku, Tokyo) announces that, on January 15, it completed, through its Group company Salmones Antarctica S.A. (President: Naoki Kumakura; Head Office: Chiloé, Los Lagos Region, Republic of Chile; hereinafter "SA"), the acquisition of all shares of Pesquera Yadran S.A. (Head Office: Puerto Montt, Los Lagos Region, Republic of Chile; hereinafter "PY"), thereby making PY Company a wholly owned subsidiary of Nissui.
Through this acquisition, combined with the ongoing production expansion plan at SA, the Nissui Group aims by 2030 to expand the scale of its salmon aquaculture business in South America to more than 80,000 tons per year, equivalent to approximately 2.5 times the current level.
Related timely disclosure material:
Notice Regarding Acquisition of Shares in PESQUERA YADRAN S.A. and Changes in Specified Subsidiaries
■Strategic Significance and Objectives of this Investment
In order to realize its long-term vision "GOOD FOODS 2030," the Nissui Group positions its overseas marine products and food products businesses and fine chemicals business as growth drivers, and aims to build a well-balanced and stable business portfolio between the Food Products Business and the Marine Products Business by 2030.
Within the Marine Products Business, the aquaculture business is positioned as a key business that can provide sustainable and high-quality protein to people around the world and is expected to achieve an operating profit margin of 10% or more. It is therefore regarded as an initiative that will significantly advance progress toward the long-term vision.
Amid growing global demand for marine products, salmon is seeing rising demand as an excellent source of protein and as a highly sustainable food ingredient, driven by population growth, diversification of diets, and increasing health consciousness. At the same time, while conditions differ by producing country, environmental regulations and tightening of license frameworks are progressing year by year, limiting room for expansion of farming sites and leading to an expected structural widening of the supply-demand gap going forward.
Against this backdrop, With PY, which engages in the farming, processing and sales of Atlantic salmon, now joining the Group, the Nissui Group will be able to respond to diverse market needs through a three-species lineup that includes trout and coho salmon from SA, and, having determined that synergies can be expected across the Group as a whole, has decided to make this investment.
In the long-term vision, the scale of the aquaculture business in fiscal 2030 was initially targeted at net sales of 100 billion yen and operating profit of 10 billion yen. As a result of this investment, Nissui now expects the business to significantly exceed these original plans.
■Expected Effects of this Investment
The current situation of SA and PY is as follows.
| Item | SA | PY |
|---|---|---|
| ①Main species, current production volume and key production areas | Trout and coho salmon; annual production of just over 30,000 tons; Chiloé area and Aysén area | Atlantic salmon; annual production of approximately 30,000 tons; Aysén area and Chiloé area |
| ②Aquaculture cost management | ・Supplies high-quality juveniles mainly from its own freshwater farms. ・Owns a feed plant with surplus production capacity. ・Promotes in-house execution of operations to optimize costs. |
・Higher costs due to juvenile production at leased freshwater farms. ・High feed costs due to purchasing from external suppliers. ・High cost structure due to outsourcing of operations. |
| ③Processing functions | Focused on trout and coho salmon, with strengths in processing for raw consumption and fillets for the Japanese market. | Strengths in fillet processing of fresh Atlantic salmon for the North American market. Also has processing capabilities for developing other high value-added products. |
| ④Sales destinations | Products are sold through Nissui and its Group companies, with approximately 60% shipped to Japan, followed by the United States, Brazil, Chile and other markets. | Products are sold as high value-added fresh processed products through global fresh distribution channels (approximately 30% to the U.S., 15% to China, 15% to Brazil, etc.). |
The main synergies envisaged, corresponding to items ①-④ above, are as follows.
①Main species, production volume and production areas: Establishing a production framework of more than 80,000 tons per year through optimization of species portfolio and cage allocation
By combining SA's farming sites with the sites acquired through PY, Nissui will optimize allocation for each of the three species--Atlantic salmon, trout and coho salmon--according to their respective characteristics, thereby improving productivity.
Nissui aims to build a salmon production framework of more than 80,000 tons per year by around 2030, thereby reinforcing its global competitiveness.
②Aquaculture cost management: Internalization of outsourced operations and optimization of costs
Nissui will improve overall operating efficiency through streamlining logistics, reducing overlapping indirect costs, and internalizing outsourced operations wherever possible.
By utilizing SA's freshwater farms, Nissui will reduce costs while securing a stable supply of high-quality juveniles.
Nissui will maximize the production capacity of SA's feed plant and promote cost optimization through improved productivity.
③Processing functions: Creating added value by utilizing processing capabilities
By utilizing PY's fresh processing capabilities, Nissui will expand its line-up of high value-added products and thereby enhance its responsiveness to market needs.
④Sales destinations: Expansion of overseas sales channels and Nissui GLOBAL LINKS
By combining PY's fresh salmon sales channels with Nissui's strength in the sales network of Nissui GLOBAL LINKS, Nissui will enhance its supply capability to overseas markets, particularly the U.S. market.
■Risk Management and Sustainability Initiatives
Aquaculture operations are exposed to various risks, including changes in the marine environment, natural disasters such as red tides, disease risks, tightening regulations and market volatility. The Nissui Group has strengthened its ability to address these risks through biosecurity measures and fish disease management technologies developed in its aquaculture businesses including SA, as well as through diversification of business across multiple production areas and species.
Going forward, Nissui will continue to promote reduction of environmental impact and coexistence with local communities. At the same time, by appropriately controlling risks while pursuing business growth, Nissui aims to further expand the sustainable salmon aquaculture business.
[Salmones Antarctica S.A.'s Company Profile]
Head Office: Chiloé, Los Lagos Region, Republic of Chile
Representative: President Naoki Kumakura
Business Description: Salmon aquaculture, processing and sales
Capital: US$86,071 thousand
Became a Nissui Group company: 1988
Shareholder: Nissui América Latina S.A. (100% ownership)
[Pesquera Yadran S.A.'s Company Profile]
Head Office: Puerto Montt, Los Lagos Region, Republic of Chile
Representative: President Felipe Briones Goic
Business Description: Salmon aquaculture, processing and sales
Capital: US$106,078 thousand
Established: 1966
Shareholder: Salmones Antarctica S.A. (100% ownership)