Andromeda bought one of CONEI firms

The transaction entails the collaboration with CONEI, with the participation of the latter in Grupo Acuimar, the Spanish subsidiary of the Andromeda Group. The acquisition further strengthens Andromeda’s position in the European market and enhances the proximity of its production facilities to core target markets, enabling the company to service a larger, more diverse customer base.

Niordseas ranks among the leading companies in the Spanish aquaculture industry, producing and trading juveniles and fresh fish. Niordseas is an important player not only in domestic sales but also in other markets, such as France and Benelux. The production facilities of the company include a cluster of farms with annual production capacity of 3,000 tons of fresh fish and a hatchery with a capacity of 15 million juveniles per year.

Furthermore, Niordseas is the leader and possesses advanced production know-how in the farming of Corvina, a promising new species. With regard to the latest move by Andromeda, Dimitris Valachis, the Managing Director of the Group stated the following: “By acquiring Niordseas, the Andromeda Group has strengthened its position in both the juvenile and fresh fish markets.

The Group is now a leading player in the Spanish market and is vertically integrated in all stages of the value chain, from the production of juveniles to the manufacturing of added-value products in our state of the art processing facility. The recent acquisition creates significant synergies in operations, administration and commercial opportunities, further improving our market position and ability to service our customers in a European context.

With operations now in three countries (Greece, Spain and Albania), Andromeda Group aims at total sales of 65 million euros in 2009, an increase of 70% compared to 2008.”