Under this 10-year agreement, INVE maintains its rights to distribute a substantial share of the GSL COOP's harvest of artemia from the Great Salt Lake, Utah - the world's greatest source of brine shrimp, which are widely used by the aquaculture industry in early stage nutrition.
Historically, artemia supplied under the sales and marketing agreement with GSL COOP have represented approximately 60 per cent of INVE's total artemia sales – a proportion that generated revenues of over £30 million in 2016. The renewal of the sales and marketing agreement secures INVE long-term access to the world's top quality artemia. As well as providing significant revenues from direct sales, this creates demand for the company’s portfolio of aquaculture hatchery feeds and health products.
Alongside continuation of the sales and marketing agreement, INVE has entered into a similarly long-term distribution agreement with the GSL COOP for INVE's current and future artemia-related products and technologies. INVE is developing a range of breakthrough artemia-related feed products, which are on track to be launched in early 2020.
INVE is a wholly-owned subsidiary of the Benchmark Group and the distribution agreement with the GSL COOP provides Benchmark with access to additional distribution channels and customers for INVE's artemia-related products, and will contribute to growth in sales from 2020 onwards.
"We are extremely pleased to be continuing with and building on our important relationship with the GSL COOP,” comments Malcolm Pye, CEO of Benchmark. The sales and marketing agreement secures long-term access to the best quality artemia available globally, from a responsibly and sustainably harvested source. Access to the GSL COOP's customer base will compliment Benchmark's existing distribution networks for its developing artemia-related product portfolio, and is expected to create significant growth in sales across the advanced animal nutrition division in the years to come."INVE Aquaculture has successfully renewed its sales and marketing agreement with the Great Salt Lake Brine Shrimp Cooperative, Inc (GSL COOP).
