Salmon farming operations. (Photo: Itata/FIS)

Blumar presents its first financial statements

Blumar, the company resulting from the merger between Pesquera Itata SA and Pesquera El Golfo, will present the financial statements during the third quarter of this year to the Superintendencia de Valores y Seguros (SVS).

During this month there will be a change in Itata Company Directory Board, which will be absorbing El Golfo.

Furthermore, it is expected that in the families Sarquis and Santa Cruz -- owners of the firm El Golfo – there is also a generational change.

It is estimated that Blumar’s turnover will be about USD 400 million, with a potential production of over 60,000 tonnes in 2014.

As it has been announced by Itata, "these financial statements [up to the first half of 2011] are the latest that have been published without considering the contribution of assets, liabilities and equity of the company that is incorporated, Pesquera El Golfo, and the results since 1 April."

"Considering the close report of September and with the approval of the merger, we will be presenting the consolidated figures of both companies," said Itata.

The merging companies invested USD 85 million, according to Estrategia.

Both companies hope the business merger will allow them to enhance the fishing fleet and to streamline the operation of their fishmeal plants.

In addition, it has been planned to widen the use of horse mackerel for the production of direct human consumption and to increase the purchases of aquaculture inputs.

The merged company will also enable the vertical integration in salmon processing.

Related articles:

- Merged companies forecast turnover of USD 400 million
- Itata and El Golfo agree to merge

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

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