September 27, 2018 / 8:54 AM / 3 months ago

Neovia takes over shrimp feed maker in major Ecuador market

PARIS, Sept 27 (Reuters) - Animal feed maker Neovia said on Thursday it had purchased an Ecuadorean shrimp-feed maker Balnova in a bid to boost its presence in the world’s fourth largest producing country.

Balnova, part of Spain’s Nueva Pescanova group, is specialised in pressed and extruded feed for shrimps with an output of 40,000 tonnes per year, Neovia said in a statement.

“Through this acquisition, Neovia will consolidate its strong international expertise in aquaculture and its presence in one of the largest shrimp producing markets,” Neovia said.

The company did not disclose financial terms of the deal.

Neovia itself is in the process of being acquired by Archer Daniels Midland Company after the U.S. agri-business group agreed this year to buy the French-based company for 1.5 billion euros ($1.76 billion).

ADM, like rival grain merchants such as Bunge and Cargill, has been diversifying into higher-margin sectors such as food ingredients and aquaculture feed in recent years to compensate for poor returns in oversupplied food commodity markets.

Last year Neovia purchased U.S. larval feed and probiotics maker Epicore, which also operates a branch in Ecuador. ($1 = 0.8543 euros) (Reporting by Sybille de La Hamaide; Editing by Adrian Croft)

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