AUSTRALIA - Commodities Group Limited has completed its acquisition of Coral Seafarms Aquaculture Business.
Commodities Group Limited made the acquisition of the Queensland prawn farming business through its subsidiary, Seafarms Group Limited (Seafarms).
This acquisition – part of Seafarms’ production consolidation strategy – will allow the company to expand its Queensland operations whilst developing its Project Sea Dragon business.
Seafarms’ existing Cardwell management is expected to operate the farm operations and grow out ponds will be stocked from Seafarms’ current hatchery which are located only 45 km from Seafarms' existing processing facility.
Director of Aquaculture Operations for Seafarms, Mr Dallas Donovan, commented:"The hatchery run from our expanded hatchery is underway and stocking of the Coral Seafarms has commenced. Integration plans and management are in place to ensure a smooth transition. The stocking now will allow fresh Crystal Bay Tigers to be available for the key Easter holiday period”.
Mr Donovan added: "We are very pleased to bring this high quality farm into our Seafarms hub."