Profits likely to surge for Gorton's, King and Prince, say Nissui projections
SEAFOODNEWS.COM [Undercurrent News] by Tom Seaman - Aug 1, 2014
Nippon Suisan Kaisha (Nissui) is bullish on profit growth for its North American businesses for the year ending March 31, 2015, with its processing arm forecast to drive this and its marine products business to return to the black writes Tom Seaman, of
Undercurrent News.
The Japanese group owns frozen food processor Gorton’s and the foodservice-focused King and Prince Seafood in the US, and is projecting growth of 650% year-on-year in operating profit from these two, which it classes as its US “food products” companies, to JPY 1.5 billion ($14.57 million).
Turnover for Gloucester, Massachusetts-based Gorton’s and King and Prince, which is based in Brunswick, Georgia but also operates two processing plants in Washington state, one for smoked salmon and another for surimi and breaded and battered fish, is forecast to increase 5% y-o-y, to JPY 58.8bn ($571.53m).
Last year, Gorton’s, which also includes the Bluewater Seafoods, a Canadian frozen brand, had a tough year....
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