Trusal's salmon farming centre. (Photo: Trusal/FIS)

Granja Marina Tornagaleones and Trusal, closer to their merger

CHILE
Tuesday, November 13, 2012, 04:10 (GMT + 9)

After more than a year of negotiations, Trusal SA and Granja Marina Tornagaleones would have reached an agreement to merge the two companies.

According to sources close to the merger process, the parties reached an agreement on the valuation of each, which was the main point of disagreement.

The salmon firms could close the deal in the next two months to begin the corporate union in 2013, unless there are any last-minute new differences.

The same sources said that Trusal would be the most interested company in the merger, as it would require capital to meet the new stocking season that begins in December.

Debt maturities would also be one of the firm’s concerns.

At present, this salmon firm has a valuation of about USD 70 million (as of heritage value), Diario Financiero reported.

Meanwhile, Granja Marina Tornagaleones would be undergoing a good economic situation, which would give support to the merged firm.

Trusal is considered as having the category of medium-sized firm in the industry. Its sales projection for 2011 was about USD 150 million, with a production of between 27,000 and 30,000 tonnes per year.

According to the data provided by the Export Promotion Bureau of the Ministry of Foreign Affairs (ProChile), in the first nine months Trusal shipped USD 92.81 million, which placed it in the eighth position in the ranking of national salmon export firms. In the first place was Empresas AquaChile, with exports for USD 215.75 million.

Related article:

- Chilean and foreign companies interested in buying Trusal
 

By Analia Murias
editorial@fis.com
www.fis.com

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