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Conservas Garavilla has expressed an interest to expand Isabel's production line. (Photo: Isabel)
Cannery seeks partners for expansion
(SPAIN, 3/24/2010)
Conservas Garavilla is negotiating raising capital with a risk capital company, to finance its expansion domestically and abroad in a move to take advantage of the restructuring process that is spanning the Spanish canning industry.
Talks between the cannery and the risk capital firm remain "in an exclusive capacity," that is, not open to auction, and the agreement between the parties would be ready after the boreal summer, Cotizalia.com reports.
Participating sources in the operation admitted that “for the time being, everything is still in a first stage, but it is likely to become serious over the next months.”
Conservas Garavilla commercialises a consolidated and popular brand of canned products, Isabel, and has interest in expanding its production lines.
In 2008, the cannery registered sales of around EUR 240 million, 9 per cent more than the previous year.
Some 60 per cent of Garavilla’s business is concentrated in the Spanish market, whereas the rest is distributed essentially in Ibero-America, the Maghreb, Italy, France and Great Britain.
At present, the company has a group of more than 2,000 workers.
Other canneries have already tried to undertake similar roads, like Alfageme, producer of the Miau brand. This company received an injection of liquidity from the Xunta de Galicia in order to fulfill its payment commitments.
Meanwhile, Calvo obtained funds to take advantage of the situation and consolidate the Carlyle brand.
The Spanish production of canned products and semi-canned seafood products reached a volume of 354,179 tonnes last year, 1.95 per cent more than in 2008. The value of these products registered an inter-annual increase of only 0.09 per cent, in going from EUR 1,299,839 to EUR 1,300,957, according to the National Association of Fish and Shellfish Canners (ANFACO).
Related article:
- Canned seafood products held in 2009
By Analia Murias
[email protected]
www.seafood.media
Information of the company:
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Address:
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Barrio de Mendekano, S/N
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City:
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Mundaka
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State/ZIP:
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Viscaya (48360)
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Country:
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Spain
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Phone:
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+34 94 617 90 00
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Fax:
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+34 94 618 72 70
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E-Mail:
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[email protected]
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