February 26, 2014
Spain''s Dibaq Diproteg aims to boost sales in 2014
Spanish farmed-fish nutrition specialist Dibaq Diproteg aims to hit €30 million (US$41 million) sales for 2014, which will be propelled by an auspicious refinancing contract and caustic pay reductions.
According to financial reports filed with the mercantile register, after a 2010 brief slip of €1.6 million (US$2.2 million), Dibaq sank its knees up to €30.1 million (US$41.4 million) in losses that left the company with few chances but to voluntarily enter a creditor agreement in September 2012.
Dibaq''s operations chief officer Jose Luis Tejedor said that the fish feed producer had "turned the page in less than 18 months, a record time comparing to most Spanish and European companies going through this sort of process. We were leaders in the industry in the Euro-Mediterranean economic area, and our commitment is to regain that position by growing in a sustainable manner and keeping our quality standards."
Founder Carlos Tejedor told the local press that he had "failed to see the extent of Spain''s economic crisis and its financial downturn". He put the volume of debt defaulted at €3.5 million (US$4.8 million) and explained that a restructuring plan had been given the go-ahead by 90% of the banks involved and 65% of the suppliers- there were 700 entities and businesses affected.
Dibaq also received a regional government-backed guarantee of €0.73 million (US$1 million) from the Castilla y Leon executive. Fresh liquidity will be spent in acquisition of raw materials and stock recovery, as it harvests sea bass and sea bream.
Dibaq was founded in 1987 to make fish feed to Mediterranean species of the aquaculture industry. It employs 73 workers, down from 180 in 2011.