Pescanova Buys Rival Processor – Fishupdate.com

Pescanova Buys Rival Processor European Fish Trader Published:  15 August, 2002

SPAIN’S largest quoted fishing company, Pescanova, has confirmed that it has bought frozen prawn company, Ultracongelados Antartica, for an undisclosed price.

Ultracongelados produces 8,000 tonnes of cooked and frozen prawns a year and has annual sales of just €60 million, Pescanova said.

Pescanova, based in the northwestern coastal region of Galicia, had sales of €812 million, up from 722 million in 2000, and made a net profit of 16 million euros. It catches around 100,000 tonnes of fish around the world and buys seafood from other suppliers for processing.

Last year the company made a 32 per cent gain on the Spanish stock exchange due to outbreaks of mad cow disease, which boosted fish sales.