Pescanova

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Pescanova, S.A.
Type Sociedad Anónima
Traded as BMADPVA
FWBPNV
Industry Fishing
Founded Vigo, Spain (June 1, 1960 (1960-06-01))
Founder(s) José Fernández López
Headquarters Redondela, Spain
Key people Manuel Fernández de Sousa-Faro, Chairman
Products Fresh Fish, Frozen Fish, Value-added Fish products, Fish meals, Frozen food
Revenue Decrease 1,49 billion (2009)
Operating income Decrease 88 million (2009)
Total assets Decrease 964 million (2009)
Employees 7,700 (3,399 in Spain)
Subsidiaries Fishco, Acuinova, Aliholding
Website www.pescanova.com

Pescanova, S.A. is a Spanish fishing company based in Redondela, Galicia. Its base of operations is the port of Vigo. The Pescanova group operates in 21 countries with approximately 3,400 employees. The group includes such companies as:

  • Argenova S.A.,
  • Bajamar Séptima, S.A.,
  • Frinova S.A.,
  • Pescafresca S.A.,
  • Marnova Lda,
  • Pescamar Lda,
  • Pesquerias Belnova SA,
  • Frigodis SA,
  • Krustanord, SA,
  • Pescafina, SA,
  • Acuinova,
  • Aliholding,
  • Fishco,
  • Pesca Chile,
  • Novagroup among others.

In April 2013, the company filed for bankruptcy due to liquidity problems.

History[edit]

Pescanova was founded in 1960 by José Fernández López, who established the company in Vigo. From its beginnings Pescanova introduced cutting-edge technology for the complete activity of fish processing, best defined by the factory ship which was not common in Spain at the time. The business model worked and allowed a continued growth making it one of the biggest firms in the fishing industry.

In 1980 Manuel Fernández de Sousa-Faro, the son of the founder, took over the presidency and, after a period of restructuring, Pescanova became a multinational empire. In 1985 it joined Madrid Stock Exchange.

With more than 120 fishing boats and 150,000 tons of fish products sold into the global market every year, Pescanova is among the top 5 companies in its sector. Besides the Spanish facilities, the company has production plants in 21 countries,[1] amongst which are Portugal, Nicaragua, Namibia and Honduras. It had in 2013 approximately 3,400 employees.[1]

The multinational empire had in January 2014 an accumulated debt of $5.8bn euros, according to Spain's National Securities Market Commission (CNMV).[1] In January 2014, three multinational investment funds were interested to refloat the bankrupt company with approximately 300m euros. The company operates under court protection while arrangements are made. The interested investors are consortia of[2]

The current board and management were opposed by minority shareholders.[1] A director of Pescanova, Luis Angel Sanchez Merlo, resigned on 14 January 2014.[3]

Simultaneously, negotiations were under way to separate Pesca Chile from the others through an offer by Cooke Aquaculture of Canada and Econsult of Philadelphia.[1]

See also[edit]

References[edit]

External links[edit]

Financial