Chilean Salmon Industry Recovering

The Fish Site
by The Fish Site
18 January 2010, at 12:00am

CHILE - Mario Montanari, chairman of the producer company Invertec, reveals that there are already some investors getting closer to the Chilean salmon industry. He also ensures that the worst moments of the industry are gone and foresees a 23 per cent increase in their results by 2011.

According to FishfarmingXpert, he stated that “Capital will come back now, not in three years as some people say. Several investors have come to this office saying that they want to invest now. Some other agents believe in the industry and identify the huge demand for salmon expressed nowadays”.

Regarding their recently signed restructuring deal he recognises it as a hard process and details that “as controlling group we give in guarantee the company’s assets and all our equity shares with well established mechanisms to recoup them… We have 70 years in the Chilean industry and banks trust our word”.

Mr Montanari said that 2009 results are negative but consistent with their forecasts; 2010 results are going to be slightly better; and “the first important increase, estimated at 23 per cent, is going to happen in 2011. In addition, he said that in 2014 they are going to increase production to 22,000 tonnes (like in 2008). Mr Montanari admits that he’s worried about the market share lost by the industry “hence our job is to recover it, that’s the mother of all battles”.