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MH Downsizes To Curb ISA Losses

CHILE - International salmon production company, Marine Harvest has confirmed the significant downsizing of its operations in Chile's region 10. The decision is a result of continuing disease problems - Primarily Infectious Salmon Anaemia.

Further outbreaks of ISA made fourth quarter productivity for 2007 the most challenging Marine Harvest has every faced. All business in this region are under pressure as the disease is proving difficult to control and is hampering production and efficiency.

Restructuring plans have been mooted, but for the short term this appears to be Marine Harvest most viable option. The move will dent production and profitability, however it says other business units are performing satisfactory - particularly Marine Harvest Norway and Marine Harvest VAP Europe.

Despite a difficult market with low prices the Chilean problems need to be addressed - and radical action is needed. MH acting President & CEO Leif Frode Onarheim says that region 10 faces severe biological challenges. "Marine Harvest acknowledges how serious the Chilean business is hit. It demands a lot of efforts to solve this, but we are confident that we will succeed, he added.

Further Reading

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