Agri-Joyvio, the fully owned subsidiary of Joyvio Group that in March acquired Chile’s Australis Seafoods, is tinvesting CNY 15 million (€1.9 million/$2.1 million) in the establishment of a seafood processing factory in Qingdao, north east China.
The investment is part of the company’s strategy to build a “world-class” seafood platform encompassing raw material production to “intensive” processing, according to a release to the Shenzen Stock Exchange on Friday.
Named Joyvio Yucheng Food, the factory will be engaged in the wholesale import and export of seafood as well as the development of technology.
Developed under Agri-Joyvio's “Global Resources and Chinese Consumption” policy, the new facility will be strengthen the company's new product development and market promotion capabilities according to the release.
The move will also further integrate existing resources, allowing the company to respond more efficiently to the needs of the markets around Qingdao and the central and eastern regions of China.
Agri-Joyvio, a subsidiary of Joyvio Group, in turn a subsidiary of massive Chinese conglomerate Legend Holdings, announced its $880 million offer for 100 percent of the shares in Chilean salmon producer Australis Seafoods in November last year, an investment that was later adjusted to $921.6 million.
The group also owns China's largest coldwater shrimp importer China Starfish, which it bought in 2017 and also sells more than 30 wild-caught species, including pollock, Argentinian red shrimp, red fish, toothfish and plaice.