Cell Aquaculture buys out European partner, plans expansion

Hamilton Hill-based barramundi producer Cell Aquaculture Ltd has acquired the remaining 50 per cent stake in Cell Aquaculture Netherlands BV, buying out former European chief executive Harrie Rutgers.

According to a company announcement, Cell is expanding its capacity and sales in Europe with the purchase of the Tolbert barramundi facility in the Netherlands, and has also installed another barramundi production facility in Bulgaria for a publicly listed seafood company - Atlantic Ltd

Cell announced earlier this week that it would relocate its Mississippi aquaculture operations to Las Vegas, Nevada, after losing and writing off $2.4 million on the site.

The full text of a company announcement is pasted below

11 October 2007: As previously foreshadowed, worldwide barramundi farming specialist Cell Aquaculture (ASX: CAQ) has negotiated to buy out its joint venture partner to own 100 percent of Cell Aquaculture Netherlands BV.

The main asset is the Tolbert barramundi facility in Holland.

The Tolbert facility is fitted with Cell's proprietary production system and is now fully stocked and has commenced selling barramundi to local markets. The facility has a production capacity of 70 tonnes of barramundi per annum.

Cell Aquaculture is expanding its capacity and sales in Europe with the Dutch facility and has also installed another barramundi production facility in Bulgaria for a publicly listed seafood company - Atlantic Ltd.

"The European market is very promising with high demand for premium seafood. The fully operational Dutch facility now gives us an excellent marketing tool to invite key European distributors to view our unique and sustainable production process first hand," said Mr Paul Hopper, executive chairman of Cell Aquaculture.

"We are currently assessing a number of further European opportunities. Market penetration and further production expansion continue as core management priorities."