Henri Harland, president and CEO of Neptune. (Photo: FIS Stock)
Neptune starts getting back on its feet
Wednesday, November 28, 2012, 00:30 (GMT + 9)
Biotechnology company Neptune Technologies & Bioressources Inc this week announced its action plan to resume operations that were stopped since the fire at its production plant in Sherbrooke, Québec on 8 November. The firm also said it would progressively supply customer demands in the meantime.
Since the accident, Neptune’s target has been focused mainly on supporting its employees and their families. The company swiftly set up five recovery committees comprised of senior management and key employees to coordinate assistance, the action plan and business aspects: human resources & communications, sales & marketing, plant reconstruction, finance and a strategic committee overseeing possible opportunities and coordinating all committees, Neptune said.
The firm plans to recover from the incident by implementing a strategic action plan designed to meet the following key goals:
- Resuming its neutraceutical operations and some sales of Neptune Krill Oil® products in the short term;
- Maintaining key customer relations and market share;
- Reconstructing an operational plant using the expansion facility that was under completion and some existing equipment in the expansion;
- Pursuing partnerships or arrangements with strategic partners for the outsourcing of production for Neptune Krill Oil® products;
- Managing its financial resources while continuing its product development and clinical trials.
So far, the cost and length of time to complete the reconstruction of the plan has remained unclear, but Neptune wants its new production plant to have a capacity of approximately 150,000 kg of krill oil per year once it is operational.
Further, Neptune plans to retain approximately 30 of its Sherbrooke workers employed to work on the reconstruction of an operational production facility. The company said it was forced to temporarily layoff over 70 employees for an undetermined amount of time, contingent on the ability to resume production at a new facility.
“Neptune’s action plan is the result of our strategic reflection on a strong path forward, keeping the interests of our shareholders, employees, customers and partners at the top of our minds and priorities. By nature it is a multi-faceted and long-term plan, and the key lies in its execution,” stated Henri Harland, president and CEO of Neptune.
“In a situation where we now face new challenges in a very difficult and sad circumstance for the Neptune family, we will stay committed to our new Plan and our shareholders, employees and customers,” Harland added.
- Neptune Technologies's efforts to overcome 'catastrophy' at krill oil plant
By Natalia Real