Cooke Aqua's Uruguay plans will mean loss of hundreds of fishery jobs

Timothy Gillespie — Fri, 29 Jan 2016 12:16:53 +0000

Nova Scotia premier Darrell Dexter and Glenn Cooke at 2012 announcement of $25 million government package for Cooke
While New Brunswick multi-national fish farming giant Cooke Aquaculture is embroiled in a dispute in Nova Scotia about their decision to ignore the terms of a $25 million (CAD) loan package from the Nova Scotia government, the firm seems poised to spend $21 million (CAD) for a takeover of Fripur, Uruguay's largest fisheries business.

Cooke's bid for Fripur does not include jobs for many of the 900-plus employees, including 200 or more at a fish processing plant, according to the law firm overseeing the liquidation of Fripur, which ceased operation six months ago. Fripur was for many years Uruguay's largest fish processor, with a 12-vessel fleet and annual exports of more than 70 million USD.

Undercurrents fishery news service reported that Cooke is “not planning to reopen the processing plant or even use the local fishing fleet”, but is largely focused on the fish quota controlled by Fripur. ”The idea is primary production that is catches, which means not many of the former personnel (over 900, with 250 from the processing plant) will be re-contracted, if the deal if finally agreed with the Uruguayan authorities“, said Francisco Cobas from law firm, Rueda, Abadi, Pereira, who are charged with overseeing the liquidation.

A 200-member worker's cooperative had also expressed interest in Fripur, but did not have the $15 million USD required. Fisheries union leader Jose Umpierrez claims the Canadian proposal is limited to contracting ten crewmembers of the fishing vessel, once it starts operating. The co-op would manage the company with an external partner

Cooke Aqua has said that they could consider "feasible" reopening the processing plant, ”in three/four years depending on how fisheries exports evolve“, added Cobas.

Cooke Aqua is controlled by CEO and co-founder Glenn Cooke and has built up its business around farmed salmon in North America, Chile, Scotland and Spain. Cooke's agressive growth strategy in recent years includes expansion into wild seafood.

The owners of the Canadian giant have embarked on an "aggressive" plan for growth that continues to this day, with acquisitions and a strategic search for development opportunities, states Cooke's website.

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Cooke Aqua's Uruguay plans will mean loss of hundreds of fishery jobs