Tassal prawn farms to sell to Canada’s Cooke Aquaculture
A thriving aquaculture industry in Central Queensland poised to be worth more than $1.34b by 2030 could soon be shipping profits overseas. Read why.
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Hundreds of Queensland aquaculture jobs could soon be in Canadian hands as Cooke moves forward in acquiring Tassal for $1.1bn.
The acquisition comes as the Tassal Group records a 33 per cent rise in revenue on the previous financial year.
The value of prawns has also skyrocketed with Tassal increasing production at its farms including at Proserpine in the Whitsundays and at Ilbilbie south of Mackay.
An ASX report to shareholders states prawn profits had skyrocketed 80 per cent in the 2021-22 financial year with total prawn volume rising by 70 per cent.
Aquaculture north of Rockhampton is expected to become a $1.34b industry by 2030.
And the upwards trajectory may rise sharper still with Tassal seeking approval for a stage four expansion at its Proserpine prawn farm to meet growing customer demand.
If approved, the farm – which was producing about 3000 tonnes a year of black tiger prawns each year – would increase production to about 5350 tonnes per annum thanks to an extra 210 hectares of ponds.
The company – which also has a major focus on salmon production in Tasmania – only began exporting prawns in the 2021-22 financial year.
But by the year’s end, the global market represented almost 10 per cent of its total prawn sales at about $18.55 per kilogram.
Cooke Aquaculture CEO Glenn Cooke, in commenting on the pending acquisition, said there were many similarities between Tassal and Cooke with prominent export-driven economies.
“Our family-owned company is keen to have the opportunity to continue to grow Tassal from the strong base the employees, management and board have created,” Mr Cooke said.
“We have demonstrated acquisition history where Cooke has left operations management in place for continuity.
“We are highly impressed with the quality of Tassal’s infrastructure, people and culture.”
A successful acquisition, subject to Tassal shareholders’ approval, an independent assessment, and court approval, would edge Cooke closer to the top five global seafood producer list.
Should an overseas-based company be able to control food production in Australia? Let us know your thoughts in the comments below and send a letter to the editor by emailing mackay@news.com.au
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