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Seafood demand prompts Clean Seas merger

AUSTRALIA - Clean Seas Tuna Ltd is looking to take advantage of growing worldwide demand for seafood with the acquisition of South Australia Aquaculture Management Pty Ltd group (SAAM).

Fish farming group Clean Seas, which is also based in South Australia, will purchase SAAM's assets for $5 million.

Clean Seas chairman Hagen Stehr and SAAM group chairman Keith Smith said the acquisition should result in improved production efficiencies, better servicing of national and export markets, increased sustainable regional employment and improved access to capital for growth.

"The business created by this acquisition/merger is an extremely positive and exciting step forward at a time when seafood consumption in the world is increasing," Mr Stehr said.

Clean Seas said the merged operations are expected to contribute to increased Yellowtail Kingfish production in Australia of some 2,000 tonnes in 2006/07, up from 1,250 tonnes in 2005/06.

Source: Sydney Morning Herald