With many companies in Greece struggling and shutting their doors in a crushing economic crisis, there are others which are doing well and now two fish farming businesses said they will merge to create the largest bass and bream producer in the world.
Selonda and Dias Aquaculture will join under the name Selonda, ENet reported, and have an annual turnover of more than 230 million euros ($300 million) and a 15% share of the global market for sea bass and sea bream, according to a report in the Fish Information and Services (FIS) website.
The new company expects to sell more than 40,000 ton of fish annually, about 35% of Greece’s total production of sea bass and sea bream, and the total annual volume of exports of fresh Greek sea bream and sea bass to over 20 countries will exceed 35,000 tons, or approximately 87% of total sales.
Selonda’s production facilities will have 72 sea-cage farms, seven hatcheries, 14 packing stations, two processing plants and two distribution centres, and will include 12 subsidiary companies and approximately 1,500 employees.
“We are creating the leading Greek corporation in the aquaculture sector,” John Stephanis, Selonda’s Executive Chairman said, according to ENet. “The new Selonda will be a leader not only of the Greek aquaculture industry, but of the entire Mediterranean fish farming sector.”
He added that, “By focusing on the synergies that will result from the merger as well as the product quality and other characteristics that differentiate us from the competition, the new company will adopt a more flexible and aggressive strategy in regards to penetrating an even greater number of markets abroad.”
Stefanos Manellis, CEO of the new venture said he was confident the merged company would do well. “During the more than 20 years that Dias has been operating we have proven that we are always a step ahead and not afraid to take bold company decisions. The merger is the first step in the now mandatory consolidation of the industry,” he stated.
The merger remains subject to the approval of the two companies’ board of directors, the Greek Competition Board as well as the ministries of development, infrastructure, transportation and the general commerce committee.
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