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Fishing fleet belonging to Vieira. (Photo: Asociación Argentina de Capitanes Pilotos y Patrones de Pesca)
Newsan gets ready to start investing in Vieira Argentina
ARGENTINA
Friday, December 05, 2014, 23:30 (GMT + 9)
Newsan Group will now be able to perform the operating agreement and financial support signed with Vieira Argentina SA, following the repeal of the law that declared the fishing firm’s assets as public utility subjected to expropriation.
The repeal of the Public Utility Law 3287/12 by the Legislature of Santa Cruz allows Newsan Group to initiate the planned investment of USD 10 million in Vieira Argentina through Newsan Food, its food export division.
It is expected that this business arrangement makes it possible to start operation of the seven fishing vessels the firm has, which have been inactive for more than two years, and that next year exports generate USD 40 million.
Four ships will be operated by Vieira and the other three will be chartered vessels under the responsibility of Newsan Group.
Newsan estimates that about 300 employees will be working again, including crew members and staff of the processing and freezing plant of Puerto Deseado.
"Overall, we are planning an investment amounting to a sum between USD 9 million and USD 10 million, which will be used to offer finance, loan and working capital assistance," explained Miguel Glikman, Newsan Food director.
"We will start with an investment of USD 2 million over the next six months, which will be enough to start capture and processing operations of various seafood products like shrimp and squid," added the entrepreneur.
The idea is to "restore jobs that generate a strong added value in terms of exports" and energize the fisheries sector in Santa Cruz, since all operations will be performed at the ports of this Patagonian province with local labor.
Luis Galli, Newsan Group CEO, said that to the company, through its Newsan Food business unit, "the estimated exports of Vieira’s catches will represent 20 per cent increase in 2015 estimations, reaching a total of USD 200 million."
Under the agreement with Vieira, Newsan Group will become the country’s main seafood product exporter.
Newsan is a leading industrial group in Argentina in the manufacture, marketing and distribution of electronic gadgets and household devices. The firm was born in 1991 from the merger of the local company Sansei SA and Sanyo Electric Trading Co., from Japan.
Related article:
- Vieirasa’s Argentine affiliate recovers assets
By Analia Murias
[email protected]
www.seafood.media
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