Japanese-based Nissui is investing JPY 70 billion (USD 586.7 million, EUR 554.1 million) in a three-year plan that will include beefing up its operations in Dutch Harbor, Alaska, along with its bluefin tuna and surimi production.
The plan, outlined in a new report, involves an expansion into Europe and North America, improving its aquaculture and value-added offerings. Nissui said it wants to “expand its business into overseas market(s),” with a focus on North America and Europe first, followed by Asian markets.
The overall long-term goal, according to Nissui, is to create JPY 85 billion (USD 712.4 million, EUR 672.8 million) in operating cash flow over the next three years, as well as JPY 18 billion (USD 150.9 million, EUR 142.5 million) in free cash flow.
Among other things, the company said it is planning to invest in its UniSea operation in Dutch Harbor, Alaska, starting next year. Also in North America, Nissui will be focusing on surimi production at its King & Prince plant in Redmond, Wash.
As part of the company’s aquaculture strategy, Nissui will focus on bluefin tuna, salmon, and getting Aquaculture Stewardship Council sustainability certification for Yellow tail (Buri) farming. The company will also be focusing on finding new markets for Buri and adamame in Europe.
The company noted that in 2014 domestic aquaculture, chilled food and overall European business did well, while “Business failed to grow” in aquaculture in Brazil, fisheries in Argentina and seafood processing in Germany.
The company’s new three-year plan is based in part on predictions of growth in sale of aquaculture products worldwide, along with increased seafood demand and consumption.
