SEALORD & SANFORD MUSSEL INTO THE COROMANDEL WITH MARINE FARMING JOINT-VENTURE ACQUISITION OPPORTUNITY

Jamie Gray writes today: “New Zealand’s biggest seafood companies – Sanford and Sealord Group – have joined forces to buy Tauranga-based North Island Mussel Processors Ltd (NIMPL) from its receivers, McGrathNicol.

The acquisition, the price of which was not disclosed, means 20 full time and 200 casual workers will keep their jobs, Sanford and Sealord said in a joint statement.

Sealord chief executive Graham Stuart said to buy meant the Coromandel mussel industry would survive.

Sanford managing director Eric Barratt said the new partnership would include the mussel farming businesses of the two companies as well as NIMPL’s processing operation.

Sanford and Sealord have 50% each in the new venture that incorporates Tauranga and Coromandel’s farming programs.

Shares in Sanford last traded $4.25, unchanged. Unlisted Sealord is jointly owned by Maori tribal interests and Japan’s Nippon Suisan

Photo: Akuni. Malrborough Sounds, NZ.

~Posted by Horiwoodblog, Aotearoa New Zealand, Polynesia Asia-Pacific. 1.10.12~