Tassal Group Limited – Smolt Sale and Salmon Supply AgreementThe...

Tassal Group Limited – Smolt Sale and Salmon Supply Agreement
The Directors of Tassal Group Limited (“Tassal”) are pleased to announce that Tassal has today finalised a Smolt Sale and Salmon Supply Agreement with Petuna Pty Limited (“Petuna”), a private Tasmanian company that has been involved in the growing, processing and sales and marketing of both Salmon and Trout for 17 years. This is a significant Agreement for both Tassal and Petuna.
The Agreement is for an initial 3 year period. Petuna will supply Tassal with Smolt – and Tassal will supply Petuna with fully grown Salmon. The Agreement underpins the Strategic Plans of both Tassal and Petuna – and provides synergistic benefits for both parties.
The Agreement further strengthens Tassal’s position as Australia’s leading vertically integrated Salmon producer, processor, seller and marketer – and underpins the achievement of Tassal’s Strategic Plan.
Tassal’s Managing Director and Chief Executive Officer, Mark Ryan, stated that “the Agreement with Petuna is a significant transaction for Tassal – both from a strategic and financial perspective. The Agreement allows Tassal to receive and own Smolt from Petuna – which are widely regarded as the best quality smolt in the Tasmanian Salmon industry – and then for Tassal to supply Salmon to Petuna. We are able to expand our operations from a Smolt input perspective to a level that allows us to further reduce our cost of growing – and then to sell Salmon with a committed harvest schedule in place. It allows both Tassal and Petuna to plan for growth – and achieve their respective strategic goals. ”

I'm not familiar with fish but is it a type of Salmon ?