Sanford Plans To Sell Most Of Its North Island Inshore Wildcatch Fishing Rights To Iwi-Owned Rival Moana New Zealand

Sanford plans to sell most of its North Island inshore wildcatch fishing rights to iwi-owned rival Moana New Zealand, and close its Auckland processing plant. Chief executive Peter Reidie says Sanford will retain ownership but has agreed to sell the annual catch entitlement for much of the quota to Moana for at least 10 years. New Zealand’s largest fishing company has been reviewing its unprofitable North Island inshore operations over the past year as it faces increased costs, labour constraints, the impact of Covid-19 and having its factory in a high density residential area in Auckland’s CBD. For Moana, the extra volume from the deal would help achieve economies of scale at its own Auckland processing plant. On Monday, the company reported an 82% increase in first-half profit to $11.1 million, driven by a better performance from its salmon business.