Struggling Fiji cannery, the Pacific Fishing Company (PAFCO), recovering from a factory fire last year, is to receive a US$20 million investment injection from North American partner Bumble Bee Seafoods, chairman Peniasi Kunatuba revealed last night after the company was named Exporter of the Year.
Kunatuba told FijiLive that with a Pagopago cannery relocating back to Thailand and another Samoan cannery Starkist toning down operations, Bumble Bee had decided to increase its investment in PAFCO.
“Initially will be US$5 million for a cold storage. But for us to be able to double the capacity, we’ll have to look at US$10-$15 million. So you’re looking at about a US$20m investment in the very short term.”
The additional US$10 million to $15m million would provide for a general operational uplift to enable PAFCO to increase its throughput, Kunatuba, forecasting that the cannery would at least double its current volume by the beginning of next year.
He also said the company was expecting an end of the year profit of $3 million after a fire at its factory in Levuka last year caused finances to break even.
BUSINESS NEWS
US$20mln investment to lift PAFCO production
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