Fish canning plant owned by Alimentos Mar Profundo. (Photo: Alimentos Mar Profundo)

Itata completes purchase of shares in canning plant

Pesquera Itata has notified the Superintendency of Securities and Insurance, together with Pesquera El Golfo and Pesquera Landes, that they have purchased 60 per cent of the issued shares in Alimentos Mar Profundo.

Itata had already announced its association with the two aforementioned companies n December 2010, to buy part of the company engaged in the production and marketing of canned fish located in the city of Coronel (Region VIII).

According to the report sent by Itata to the Superintendency of Securities and Insurance, the acquired shares were distributed as follows:

• Pesquera El Golfo: 42 per cent (25.2 per cent of the issued shares)
• Pesquera Landes: 16 per cent (9.6 per cent)
• Pesquera Itata: 42 per cent (25.2 per cent).

The agreed price for all the shares was USD 3.6 million.

Itata said the operation took place "in order to enter the business of production of canned fish for human consumption and, thereby, add value to the raw materials, which will make it possible to better perform extractive fishing activities which our company is engaged in, with important consideration to the low catch volumes for horse mackerel over the last three years, as a reduction is projected for the catch quota in the coming years."

According to Gerardo Balbontín, general manager of Itata, they currently only market canned mackerel, reports Diario Financiero.

For its part, the general manager of Landes, Eduardo Fosk, said that for now, they are not contemplating similar purchases.

Alimentos Mar Profundo produces around 1.2 million boxes of canned seafood a year and employs roughly 400 workers.

None of the three purchasing companies have so far worked with such plants. Their work was limited to capturing and processing mackerel for fishmeal and in some cases, frozen food.

Through this operation, the fishing industry seeks to limit the impact of low catches of horse mackerel which have been recorded in recent years due to a reduction in the quota.

Related article:

- Three fishing companies buy canning firm together

By Analia Murias
[email protected]
www.seafood.media

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