Tinamenor aims to lead the market for seabass and seabream aquaculture. (Photo: Tinamenor)
Seabass producer seeks to lead EU market
Tuesday, November 02, 2010, 03:00 (GMT + 9)
The Tinamenor Group aims to strengthen its business expansion plan and lead the market for seabass and seabream aquaculture in the European Union (EU) by the end of 2011. To achieve this goal, the company signed an agreement to renew its syndicated loan - EUR 22.7 million - to refinance its debt and raise capital.
The agreement is supported by the SEPI Business Development (SEPIDES), the entity that signed a market capitalization agreement with the subsidiary in the Canaries, which is worth a value of EUR 1.6 million.
Thus, Tinamenor executives say that it will "bring strength" to the financial structure of the firm in order to complete expansion projects, as well as offering "financial peace of mind" for the foreseeable future.
In the Cantabrian town of Pesués, Tinamenor environmental improvements have developed and implemented a system to stabilize the water that is taken from the river, which forms the basis for the production of fingerlings and seeds.
Meanwhile, at the headquarters in the Canary Islands, they have concentrated most of the investments there and they will raise fry until they reach the size needed for consumption.
In addition, the company increased the number of nurseries situated in the open sea, where they have sea bass and sea bream as well as launching a project for the fattening of sole. They also installed a packaging and processing plant and built breeding facilities similar to those in Pesués, in order to realize the full production cycle on the islands.
On the other hand, the EFE news agency reported that Aquicultura Balear, a company belonging to the group Culmarex, produced around 100 million fry of bream and bass in Mallorca during the last decade on two farms located in Palma and Alcudia, achieving a turnover of EUR 7.5 million.
Aquicultura Balear produces on average 37 per cent of sea bass reared in Spain and 22 per cent of the sea bream. The fingerlings obtained in Mallorca are then transferred to other facilities that Culmarex has in the Mediterranean (Alicante, Murcia, Almeria and Malaga), where they are fattened until they reach a suitable size for marketing.
By Analia Murias