Marine Harvest restructures Chile business due to weak prices
OSLO, June 29 (Reuters) - Norway's Marine Harvest, the world's biggest fish farmer, will restructure its business in Chile amid weak prices, it said on Monday.
The firm said it will make a provision of around $11 million in the second quarter. The corresponding cash effect is around $4 million. It will also reduce manning by 200 man-years and reduce its smolt stocking this year to around 11 million from 17 million.
"These measures are taken to contain losses for Marine Harvest Chile until the main markets for the Chilean salmon have recovered," the firm said in a statement. (Reporting by Stine Jacobsen; Editing by Miral Fahmy)
© Thomson Reuters 2016 All rights reserved.