September 14, 2011
Skretting invests USD$37.2 million in plant expansion
Skretting Australia spent AUD36 million (US$37.2 million) for the fish feed plant expansion in Cambridge, signalling strong prospects for the salmon industry in Tasmania.
This expansion will allow Skretting Australia to meet future market demand in the one of the fastest growing sectors of food production.
By doubling production from its Tasmanian plant to more than 140,000 tonnes, Skretting is well placed to capitalise on growing aquaculture markets in both Australia and New Zealand
Skretting directly employs around 60 people in Tasmania and is part of Nutreco, an international company in the animal nutrition and fish feed markets, with companies based in five continents.
This is another example of a global company that is choosing to invest in Tasmania and it is encouraging evidence of the growing confidence in our economy.
The State Final Demand figures that show there has been more than AUD4 billion (US$4.13 billion) worth of capital investment in the Tasmanian economy over the past four quarters.
It is private investment like this that is helping to drive economic growth as the effects of Federal and State stimulus start to wear off.
The salmon industry is identified as a priority sector in the Government''s recently released Economic Development Plan, with the industry contributing about AUD152 million (US$157.1 million) towards Gross State Product and employing about 1100 people.
Salmon is one of Tasmania''s largest interstate food export trade items with the high-quality of Tasmania''s product contributing to the establishment of a strong domestic market.
The strength of the industry was re-enforced only last month with the announcement of a AUD30 million (US$31 million) joint venture between Tassal, Huon Aquaculture and Petuna Seafoods which will provide a welcome boost to the West Coast community and the wider economy.
The Tasmanian Government has provided significant support to help the state''s salmon industry to grow and thrive and will continue to work with industry in the areas of business assistance and investment attraction.
Tasmania''s relative pest and disease free status compared to other aquaculture regions not only reduced production costs but helped reinforce the quality and branding of the product.