Shanghai Kaichuang Ocean Resources has purchased seafood company Conservas Albo for nearly €61 million.
Conservas Albo is one of the biggest companies in the Spanish fish processing sector, exporting premium canned fish across Europe, America and Africa.
It had been managed by the same family for three generations, and is now under the control of the Chinese group with head quarters in Hong Kong, and a market worth of about €161,000 million.
At the moment, Shanghai Kaichuang exports very few products to Conservas Albo’s key markets. According to ElPais.com, the group believes that this acquisition will help it expand significantly into these markets.
In 2014, Conservas Albo reported sales for €84.5 million, and profits of €3.6 million, 70 per cent more than the previous year.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Gabriela Guédez. To subscribe to ESM: The European Supermarket Magazine, click here.
