Nutreco streamlines business, restructures management team

Nutreco on Thursday announced its annual results for 2013 and changes in the top management structure to strengthen the organization and to move closer to the core business.

The company announced it will streamline its core business of feed production in animal nutrition and fish feed, and has announced it will sell the compound feed and meat businesses in Spain and Portugal.

The company said the changes are a logical step to enhance its worldwide leadership position. Nutreco also said innovation and research and development are “fundamental in the new structure.”

The organizational structure will consist of two global business units — salmon feed and feed additives — and three regional business unites — Americas, Asia and Europe, Middle East and Africa.

Viggo Halseth has been appointed chief innovation offices for Nutreco and will be responsible for driving innovation, research and development. Halseth has been with Nutreco for more than 30 years and will head a team to drive growth in the key markets and build strategic partnerships and strengthen marketing and procurement focus.

Stephen Rafferty will head the global salmon feed operations, including Skretting’s activities in Norway, U.K., Chile, Canada and Australia. He will also take charge of the other fish feed operations in Southern Europe. Rafferty has been with Nutreco since 2012 and formerly held positions as CFO at Marine Harvest, Cermaq and Morpol.

Hugues le Ruz has been appointed managing director of the Americas business unit effective 1 July. Currently managing director of Nutreco Asia, le Ruz joined the company in 1982.

In addition, Nutreco announced “solid results” for 2013. The company’s revenue increased 1.2 percent to EUR 3.87 billion, while EBITDA decreased by 4.3 percent to EUR 215.7 million, mainly due to lower results in feed fish.

“This year was a respectable one for Nutreco and we delivered solid results in a challenging market. Our results in 2013 were impacted by a number of factors, including high commodity prices impacting the profitability of our customers, lower results in Fish Feed, especially in Norway and China, as well as an adverse foreign currency impact,” said CEO Knut Nesse. “At the same time we were able to regain our global market leadership position in salmon feed and we improved our margins in Animal Nutrition.

“I'm confident that the strategic actions taken in 2013 have prepared Nutreco to execute our strategy and will bring us sustainable growth in the years ahead.”


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