Clear­wa­ter sheds top posts as prof­its fall

Fish Farmer - - World News -

CANADA’S Clear­wa­ter Seafoods has shed three ex­ec­u­tive po­si­tions as part of a move to save money and stream­line its man­age­ment struc­ture.

The move was re­vealed by CEO Ian Smith fol­low­ing the an­nounce­ment of the com­pany’s third quar­ter re­sults.

Clear­wa­ter, which bought the Mac­duff wild shell­fish group in Scot­land two years ago, saw its third quar­ter turnover fall to (Cana­dian) $163.6 mil­lion this year from $189.5 mil­lion in Q3 2016.

The EBITDA (earn­ings be­fore in­ter­est, tax, de­pre­ci­a­tion and amor­ti­sa­tion) was down from (Cana­dian) $45.2 mil­lion to $32.8 mil­lion.

Smith an­nounced that Clear­wa­ter had be­gun a cor­po­rate re­struc­tur­ing, ef­fec­tive im­me­di­ately, which is ex­pected to save the com­pany around $10 mil­lion a year.

Three ex­ec­u­tive po­si­tions had been im­me­di­ately elim­i­nated: pres­i­dent of global mar­kets, pres­i­dent of global sup­ply chain and chief in­for­ma­tion of­fi­cer.

Look­ing ahead, Smith said: ‘We are tak­ing ac­tion to re­struc­ture the or­gan­i­sa­tion, and re­main 100 per cent com­mit­ted to our core busi­ness and strate­gies.

‘The pow­er­ful seafood in­dus­try fun­da­men­tals, value prop- os­i­tion and com­pet­i­tive ad­van­tages that form the foun­da­tion of Clear­wa­ter’s ver­ti­cally in­te­grated busi­ness model and abil­ity to gen­er­ate long-term share­holder value re­main strong.

‘Global de­mand for seafood is out pac­ing sup­ply, cre­at­ing favourable mar­ket dy­nam­ics for ver­ti­cally in­te­grated pro­duc­ers such as Clear­wa­ter, which have strong re­source ac­cess.

‘De­mand has been driven by grow­ing world­wide pop­u­la­tion, shift­ing con­sumer tastes to­wards health­ier di­ets, and ris­ing pur­chas­ing power of mid­dle class con­sumers in emerg­ing economies.’

Above: Favourable mar­ket dy­nam­ics ahead

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