Stolt-Nielsen S.A. Announces Sale of Southern Bluefin Tuna
Stolt-Nielsen S.A. announced that through its wholly-owned subsidiary, Stolt Sea Farm Holdings BV (SSF), it had completed the sale of its Southern bluefin tuna business, based in Port Lincoln, Australia, to SAMS Holdings (SA) Pty. Ltd. for proceeds totaling AUS $90 million (approximately U.S. $70 million at current exchange rates). In the fourth quarter of 2003, SSF sold 200 metric tons of its Southern bluefin tuna quotas and today's sale represents the remaining 500 metric tons.
SNSA expects to recognize a gain of approximately $44 million on the transaction in its first quarter of 2007. Operating revenue for the Southern bluefin tuna business in 2006 was approximately US $11 million.
Pablo Garcia, President of SSF, said, "The Southern bluefin tuna business has been a non-core activity for SSF for the last couple of years. SSF's strategy is focused on developing species where biological know-how and technology expertise create a fundamental competitive advantage. We are happy to complete this sale today at a price that we believe reflects the real value of the business."
