Sealord’s seasonal shift cuts jobs but preserves Nelson’s economic lifeline
Macquarie Capital has been revealed as the financial advisor backing Sealord's acquisition of Independent Fisheries, which is set to close in February 2024. This move follows a series of job cuts and operational changes in the Nelson region, including Sealord's own shift to seasonal jobs. Sealord's chief executive Doug Paulin announced the transition to seasonal jobs in September, with the wetfish factory now operating from May to September instead of year-round. This change, along with sharp rises in costs and falling fish volumes outside the hoki season, has led to significant losses each month, except during the hoki season. The company has confirmed 48 job losses in Nelson operations, with the wetfish factory closing in December and reopening in May. However, Sealord retains 81 permanent jobs and 400 seasonal roles in Nelson, saving over 90% of the economic benefits to the region. The Nelson region has experienced a wave of job cuts recently. Griffin's Snacks plans to close its Nelson factory, affecting 47 staff, and Kono will wind down Hop Federation brewing operations, losing five jobs. Earlier this year, Carter Holt Harvey closed its Eves Valley Sawmill, resulting in 142 job losses. Despite the job losses and operational changes, Sealord remains a significant employer in the Nelson region, retaining over 400 jobs. The company's shift to seasonal jobs aims to mitigate losses and maintain economic benefits for the region. Meanwhile, other local businesses like Griffin's Snacks and Kono are also adjusting their operations, contributing to the region's ongoing economic transformation.
