Umios enters SE Asia pet-food market

Umios has moved to participate Southeast Asia's pet-food marketplace done a woody for 51% of Malaysia's Pet World International.

The Japanese seafood giant, formerly known arsenic Maruha Nichiro, has a beingness successful bedewed feline food, selling to eastbound Asia, North America and Europe.

The acquisition of a bulk involvement successful Pet World International (PWI) volition spot Umios participate Southeast Asia and grow its scope to adust canine food.

Umios, which is paying Malaysian conglomerate Wah Kong Corporation Y11.4bn ($$70.4m) for the involvement successful PWI, described Southeast Asia arsenic the "fastest-growing pet-food market" successful Asia. The institution pointed to the Philippines and Thailand, wherever it said income are increasing astatine a compound yearly maturation complaint of 10%.

In a stock-exchange filing, Umios said PWI has a "strong marque position" successful Malaysia. Without disclosing figures, the institution added PWI "holds the fig 2 marketplace share" successful the canine and feline favored nutrient marketplace successful Malaysia.

In the 12 months to the extremity of September past year, PWI generated nett income that translated to Y12.4bn, Umios said. Its nett income are increasing astatine a CAGR of 11.3%, the institution added.

Pet nutrient sits wrong Umios's Processed Foods division. When the institution reported its results for the twelvemonth to 31 March past month, the institution said its pet-food income "remained strong", though speech rates and input costs weighed connected profits.

PWI volition marque usage of the "procurement capabilities" of Umios's Marine Resources Business part to bargain ingredients, the caller capitalist said.

In a presumption connected the company's results, Umios indicated plans to put further successful pet-food accumulation and M&A implicit the adjacent 2 fiscal years. The institution described favored nutrient arsenic "a cardinal maturation driver".

"Umios enters SE Asia pet-food market" was primitively created and published by Just Food, a GlobalData owned brand.