May 25, 2007

Spain's Pescanova to build world's biggest turbot processing plant

Portugal's Economy Ministry and Spanish fish and seafood products group Pescanova SA have signed an investment contract for the construction of a EUR 140 milion turbot processing plant that would be the world's biggest.

The unit will be located in Mira, central Portugal, and will have the capacity to produce 7,000 tonnes of turbot annually, doubling Portugal's annual production.

The plant construction is considered a project of national interest for Portugal, with government financing at EUR 40 million.

The company also recently announced it is buying an aquaculture plant in the country.

Pescanova registered a 5.4 percent on-year rise in net profit to EUR 6.1 million in the first quarter of 2007.