One of the fishing vessels operated by Newsan. (Photo: Newsan Group)

Newsan increases investments in fishing industry

ARGENTINA
Monday, September 22, 2014, 23:30 (GMT + 9)

The diversification of operations is offering good results to Newsan Group. Proof of this is Newsan Food product export division, which in its third year reports record export levels and plans new investments in the fishing industry.

This new business unit represents about 10 per cent of the total group revenues, with estimated sales abroad revenue outside at about USD 110 million for 2014 and projected turnover of USD 200 million by 2015.

The company ships its products to Spain -- its most important market --, Italy, France, China, Egypt, South Korea, United States, Japan and Venezuela, among other destinations.

Newsan has already settled arrangements for financial aid and boat rentals from Vieira Argentina SA. This Argentinian fishing firm, which has been inactive for two years, has seven fishing vessels and a plant located in the town of Puerto Deseado, Santa Cruz province.

It is estimated that the recovery of Vieira will allow Newsan to export fishery resources for approximately USD 40 million annually.

The Group's investment plan in this fishing firm includes a total of USD 8 million, from which USD 2 million has already been contributed.

These investments are expected to start sea products capture and processing operations definitely -- shrimp (Pleoticus muelleri) and hake (Merluccius hubbsi) -- and will make it possible to recover jobs that generate strong added value source in terms of exports.

Furthermore, Newsan executives intend to boost the fisheries sector from Santa Cruz by operating only on ports in the province, employing local suppliers and workers, reported iProfesional.com.

The business plan also includes expanding its exports and achieving annual revenues of USD 250 million.

If these objectives are reached, the Group Newsan, born as an appliance and electronic goods company, will be consolidated as one of the leading exporters of seafood and agrifood of Argentina.

Related article:

- Extra insolvency agreement between Vieira and Newsan

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

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