US company closes unprofitable shrimp farm
Tuesday, December 10, 2013, 08:30 (GMT + 9)
After 12 years of operation, shrimp breeding firm Trans-Global Aquaculture Limited has been subjected to voluntary liquidation process due to financial issues, since it has been affected by water contamination and continuous robberies.
The last assessment the firm, which employed 250 people directly between the farming operation and the processing plant and revealed a loss of roughly USD 12 million to USD 15 million, The Gleaner reported.
"They did produce quite a bit, (but) even at that highest stage of production they were not profitable because of the issues," former Trans-Global Aquaculture Manager Noel Thompson stated.
The firm’s shrimp farm -- located at the mouth of the Rio Minho in Clarendon, whose Jamaican operation is owned by an American company, Trans-Global Products Inc. -- has faced equipment and stock robberies and water contaminatio... FULL STORY