https://www.engineeringnews.co.za

I&J invests R500m in new vessels, processing facility upgrade

4th June 2014

By: Leandi Kolver

Creamer Media Deputy Editor

  

Font size: - +

Brand portfolio group AVI’s subsidiary I&J has invested more than R500-million into the acquisition of three new vessels and the upgrade of its existing Cape Town-based processing facility.

The investment, which was expected to create more than 75 new jobs, included the commissioning of a new R150-million deep-sea fishing trawler, as well as the acquisition of a R225-million freezer factory ship and a R45-million deep-sea trawler.

Also included in the R500-million investment was a R67-million upgrade to the I&J processing facility. The upgrade included the installation of advanced machinery and production flow lines, with the investment expected to deliver significantly improved quality, yields and efficiencies.

“This is a major investment programme for us and possibly the single largest in the industry for the last 25 years. This series of investments demonstrates I&J and its shareholders’ recognition that constant investment is absolutely necessary in such a complex industry.

“It also reflects the company’s confidence and belief in the industry and in the value of the Cape Hake resource, which is globally recognised as one of the best managed fisheries in the world,” I&J MD Jonty Jankovich-Besan said in a statement.

He said the investments would allow I&J to catch and process its quota more effectively and efficiently, underpinning the company’s current operating fundamentals and the returns to its stakeholders.

“Although part of this investment is to replace ageing fishing vessels and processing technology, we are also pleased to be creating new jobs within our business with these investments – leading to a minimum of 75 new jobs in the Western Cape,” he added.

I&J employs more than 1 500 people.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Trotech
Trotech

Design, Construction and Maintenance of Site Erected, Welded Bulk Storage Tanks for the Petrochemical, LNG, Ammonia and Sustainable fuel Sectors.

VISIT SHOWROOM 
Flanders Electrical SA
Flanders Electrical SA

FLANDERS Southern Africa provides integrated solutions for mining and industrial operations, covering field services, automation, electrification,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.043 1.117s - 122pq - 2rq
Subscribe Now