Pilmico International Pte. Ltd., a wholly-owned unit of Aboitiz Equity Ventures Inc., recently acquired 70 percent of the outstanding shares of Vietnam-based animal feeds company Europe Nutrition Joint Stock Company (Eurofeed) as part of its global expansion plans.
“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 to be a strategic country for Pilmico, given its strong economy, a promising livestock industry and access to potential export markets,” said company president and CEO Sabin Aboitiz.
The acquisition cost reached $3.2 million.
Following the turnover ceremony, Aboitiz officially announced the change in name of the Vietnamese company from Eurofeed Joint Stock Company to Pilmico Animal Nutrition Joint Stock Company.
