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Asian Joint Venture Creates Global Markets For Prime Foods NZ

Economics +1 more

NEW ZEALAND - Prime Foods NZ Ltd is proud to announce it has formed a joint venture with successful Philippine Tuna processor, Alliance Tuna International Inc.

Alliance operates two canneries supplying pre packaged tuna products to over 50 different countries around the world, generating a turnover of US$51.6 million dollars in 2008 rising to over US$70 million this year.

A new joint venture company, Big Glory Bay Salmon and Seafood Co. will this year build a new seafood smoke house operation close to Alliance’s present factory in the Philippine city of General Santos City on the southern island of Mindanao. This will allow access to their existing management, engineering and maintenance facilities and source staff from existing resources.

This venture will see our processing volume grow from 300 tons to over 1200 tons of salmon a year. This will enable the company to be a major force in world markets, utilizing Alliance’s existing extensive marketing network in over 50 countries. It will also provide a new market for our primary salmon supplier, Sanford, and their salmon farming operation on Stewart Island as they will also supply King salmon to the Philippines operation. In addition Atlantic and other species of salmon will be sourced from Norway, Chile, Scotland and North America.

Both factories will in the future expand their product ranges to include other smoked fish products, marinated salmon products, and ready to eat ranges such as gravalax, soups, pates and sauces. All of these products will be available to New Zealand consumers in the near future.

This move will bring major benefits to New Zealand through increased salmon exports as well as being able to offer all markets a wider range of innovative, quality products.