China has plenty more appetite to buy European seafood companies, according to the boss of a company behind the acquisition of one of Spain’s key firms earlier this year.
The purchase of the leading Spanish processor Hijos de Carlos trumps European Union “trade barriers” that have locked Chinese seafood out of its market, according to Pu Shao Hua, the chairman of the Shanghai Fisheries Group (the group owns Shanghai Kaichuang Fisheries, which bought Hijos de Carlos, the firm behind the well-known ‘Albo’ brand).
Pu also wants to use the company’s presence in Europe to source product for the Chinese market. Speaking at the launch of a new tuna seine vessel in Shanghai, China, Pu said his company’s strategy is to “internationalize, bring products back to China and pay more attention to international mergers and acquisitions.”
Shanghai Fisheries Group increased the scale of the overseas catch it brought back to China, from 15,000 tons in 2011 to 72,000 tons in 2015.
Buying Hijos de Carlos will give the Chinese parent access to its markets in Europe, North America and Africa, explained Pu. But it will also allow it pick up Atlantic shrimp, cod, hair tail and cuttle fish for shipment back to China. Likewise, the group will use its new Spanish base to source silver cod (sablefish), salmon and wild bluefin tuna.
“We are going to take advantage of the growing demand for wild and healthy seafood in China,” said Pu.
