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Menhaden fishery. (Photo Credit: Omega Protein)
Omega Protein closes fish processing plant as part of strategic plan
(UNITED STATES, 12/12/2013)
Integrated producer of omega-3 fish oil and specialty protein products Omega Protein Corporation announced that it will close permanently its menhaden fish processing plant located in Cameron, Louisiana and will redeply certain vessels from that facility.
The company's strategic decision forms part of a plan to streamline its Gulf of Mexico operations and increase efficiencies. The idea is to improve financial performance by increasing the utilization of its existing assets and reducing maintenance-related capital expenditures.
Omega Protein explained that after a thorough review of its fishing facility operations and anticipated future capital requirements, it believes that consolidating its two western Gulf of Mexico facilities into a single facility based in Abbeville, Louisiana would improve long term operating and capital efficiencies.
Accordingly, it developed a plan to close the Cameron facility and redeploy a portion of that facility's vessels and employees to the company's other Gulf Coast facilities located in Abbeville, Louisiana and Moss Point, Mississippi.
Of the seven vessels that fished from Cameron in 2013, Omega Protein plans to reassign four vessels to its other Gulf of Mexico operations for fishing in 2014.
Through the creation of a more efficient fishing operation, the company expects to continue to experience robust demand for its products, while focused on enhancing control over the manufacturing process, creating avenues for organic growth, and developing additional value-added products, said Bret Scholtes, Omega Protein's President and Chief Executive Officer.
It is still unkonwn how many employees will be relocated at other facilities.
The closure process will begin immediately and will occur over the course of 12 to 24 months.
Omega Protein expects to recognize impairment, lease termination and employee-related charges of USD 8 to USD12 million, primarily in the fourth quarter of 2013, and said that additional decommissioning and other charges may also be recognized in the future.
Related article:
- Omega Protein reports ‘highest quaterly revenues in the company’s history’
editorial@seafood.media
www.seafood.media
Information of the company:
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Address:
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2105 City West Boulevard Suite 500
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City:
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Houston
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State/ZIP:
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Texas (77042-2838)
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Country:
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United States
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Phone:
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+1 713 623 0060
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Fax:
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+1 713 940 6166
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E-Mail:
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inquire@omegaproteininc.com
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