Seafood producer slashes 70% of workforce

Operations hit by suspension of exports to EU GEORGE TOWN: Texchem Resources Bhd's (TRB) indirect associate company, Seapack Food Sdn Bhd, has slashed its workforce by about 70% after being hit by the temporary suspension of seafood exports from Malaysia to the European Union (EU). TRB owns a 49.8% stake in Texchem Corp Sdn Bhd, which in turn holds about 90% equity interest in Seapack. Group chairman and chief executive officer Tan Sri Fumihiko Konishi said Seapack had cut its headcount last month to 80 from 300. “Due to the temporary export suspension, the company has also reduced its monthly output by 70% to 200 tonnes. This translates to a revenue loss of about RM3mil,” he told reporters after TRB’s EGM yesterday. About 70% of Seapack's business was from the EU, Konishi added. “Seapack is now exporting its surimi and... [read full story]