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Abalone. (Photo: Stock File)
Craig Mostyn Group invests USD 5 million to expand its business
(AUSTRALIA, 10/18/2013)
Leading agribusiness Craig Mostyn Group (CMG) is to invest AUD 5 million (USD 4.7 million) in the takeover of Australian Seafood Exports abalone and lobster processing plant in rural Tasmania.
The firm informed that apart from this processing facility located in Bicheno, on the east coast of Tasmania, the acquistion includes a depot to collect, store and transfer lobsters in Dover, on the south coast of the state.
The investment is part of a CMG strategy to further expand their company, which is likely to become an important source of employment to locals.
For the moment, the firm reported that the two companies will operate independently and employess will be working at either facility.
CMG has its eye on other Tasmania-based companies such as Stanley Fish, reports ABC Rural.
David Lock, CMG's chief executive, informed that the firm is considering other specialty seafood opportunities where the firm could have control over supply chains in industries that operate under quota systems.
The firm exports over 350 tonnes of live scallops, lobsters and king crabs to the Middle East, Singapore, Malaysia, Hong Kong, Japan and China every year.
Besides, Lock remarked that he hopes the venture will make the company a key player in the abalone industry adding that: "It also builds on our expertise in exporting speciality seafood and high-value products into the Asian market, particularly China".
In addition to seafood, CMG produces pork, protein meal, tallow, cooking oil as well as food products distributed to retail and wholesale clients and to the food industry service.
By Gabriela Raffaele
[email protected]
www.seafood.media
Information of the company:
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Address:
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Level 1, 6 Short Street,
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City:
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Fremantle,
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State/ZIP:
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(WA, 6160)
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Country:
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Australia
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Phone:
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+61 7 3902 7600
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Fax:
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+61 7 3902 7620
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E-Mail:
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[email protected]
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More about: 
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