PILMICO International Pte. Ltd., a subsidiary of Aboitiz Equity Ventures, Inc. (AEV), acquired 70% of the outstanding shares of Vietnam animal feeds company Europe Nutrition Joint Stock Co., also known as Eurofeed.
The transaction was for $3.2 million, and ownership was formally transferred on Sept 27 in Ho Chi Minh City.
Aboitiz also officially announced that the company has changed its name to Pilmico Animal Nutrition Joint Stock Co.
Sabin M. Aboitiz, Pilmico President and Chief Executive Officer, said in a statement: “We are celebrating another milestone for the Aboitiz Group, particularly for Pilmico, as it embarks on another international venture. Despite foreseen market challenges, Vietnam remains a strategic country for Pilmico, given its strong economy, a promising livestock industry and access to potential export markets.”
In July 2014, Pilmico acquired a 70% stake in Vietnamese aqua feed firm, Vinh Hoan Feeds, based in Dong Thap.
Pilmico International is one of the three AEV food subsidiaries. The other two are Pilmico Foods Corp. and Pilmico Animal Nutrition Corp. – Patrizia Paola C. Marcelo