Russian Fishery co-founder exits amid modernization

According to a press release from the company, RFC’s board has “preliminarily approved” investment in a project to increase its frozen at sea (FAS) pollock fillet production by 60% in 2018. The company plans to sell the FAS products to the Russian market. End Quote

(1888PressRelease) March 03, 2018 - The co-founder of Russian Fishery Company (RFC), the country’s largest pollock quota holder, has exited the company following a co-founder-led buyout.

According to a shareholders' agreement, co-founder Maxim Vorobyov has sold his share in RFC to Gleb Frank, with whom he established the company in Russia's Far East in 2011 along with a group of private investors. The transaction also includes the shares of Vorobyov's other RFC entities.

The detailed terms of the deal were not disclosed.

RFC is Russia's largest national fish harvester with estimated total catch of more than 303,000 metric tons in 2017, including 226,300t of Alaska pollock and 65,500t of Pacific herring.

Vorobyov, who helped set up RFC with the aim of consolidating fishing assets in different regions of Russia, thanked staff and partners who managed to establish RFC as the country's leading pelagics firm in Russia's Far East in the "shortest time".

"I wish my colleagues good luck implementing all ambitious plans and building the worldwide largest and most effective company of wild fish production," he said.

"Maxim Vorobyov and I set up RFC seven years ago and we have passed a hard period of time on the way to the company's leadership positions in Russia together," said Frank.

"Today, the company faces major challenges related to the fleet modernization and new vessels construction, expansion of the global presence and new markets. I believe in the future of the RFC and intend with the management to concentrate on the successful implementation of these tasks."

Last month the company said it plans to add fillet processing lines to six more vessels over the summer, meaning it will produce less headed and gutted fish in the B season.

According to a press release from the company, RFC’s board has “preliminarily approved” investment in a project to increase its frozen at sea (FAS) pollock fillet production by 60% in 2018.

The company plans to sell the FAS products to the Russian market.

Last year the company signed a deal with a domestic shipyard for six trawlers of close to 110 meters in length, which could see the company get as much as 200,000 metric tons in extra catch allowance under the country's "investment quotas" program.

###

space

Other Related Press Releases