Sealord on Wednesday announced it sold all shares of its fishing business in Argentina, Yuken S.A., to an undisclosed local buyer.
The sale took effect on 16 August and marks the end of Sealord’s 13-year involvement in Argentina, during which time it incurred significant losses.
The details of the transaction were not disclosed, the extensive sale process has lasted more than 2 years. The sale ensures that Yuken can continue to operate and provides Sealord with a clean exit.
“During this time we had engaged with a number of international parties who had expressed interest in buying Yuken but in the end Argentina proved to be too tough a proposition for foreign investors,” said Graham Stewart, Sealord CEO. “Without a sale we were staring down the barrel of Yuken having to file for voluntary bankruptcy.”
The sale took effect on 16 August and marks the end of Sealord’s 13-year involvement in Argentina, during which time it incurred significant losses.
The details of the transaction were not disclosed, the extensive sale process has lasted more than 2 years. The sale ensures that Yuken can continue to operate and provides Sealord with a clean exit.
“During this time we had engaged with a number of international parties who had expressed interest in buying Yuken but in the end Argentina proved to be too tough a proposition for foreign investors,” said Graham Stewart, Sealord CEO. “Without a sale we were staring down the barrel of Yuken having to file for voluntary bankruptcy.”
