Frontmatec to acquire majority stake in Asuan
Equipment and automations supplier Frontmatec has agreed to acquire a majority stake in Uruguayan manufacturer of meat processing and packaging systems for Latin America, Asuan S.A.
The past three years has seen the development of a partnership between Frontmatec and Asuan. The company said several large projects in Latin America have been secured by combining the companies’ respective product offering and technical skills.
According to Frontmatec, the acquisition in Asuan follows the Frontmatec strategy of “geographical expansion in selective markets with strong growth potentials.” Frontmatec said that the partnership strengthens the company’s offering within beef processing where Asuan is “particularly strong.”
“Win-win”
Frontmatec CEO, Allan Kristensen said: “Latin America is a strategically important market to us. It is home to some of the largest and most respected meat processors in the world, supplying the domestic and global markets. Companies which are key exporters of both beef and pork to the rest of the world.”
Kristensen added: “By combining the advanced automation solutions of Frontmatec with the local production, excellent sales and service capabilities of Asuan for the benefit of the meat processors, this is a win-win.”
The current owners and founders of Asuan, Eduardo Delbono and Alvaro Maldonado, will continue as joint CEOs, holding significant ownership in Asuan.
Delbono and Maldonado commented on the acquisition: “We are convinced that Asuan going forward together with Frontmatec will bring both value and benefits to the meat industry in Latin America, as well as provide Frontmatec with cattle knowledge and advanced packaging and logistics solutions.”
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