New Zealand seafood company Sanford announced a conditional agreement to sell its Tauranga-based pelagic business to local company Pelco NZ Ltd.

The assets included are three purse seine fishing vessels, processing equipment and pelagic quota in Fisheries Management Area 1.

The quota sale reduces Sanford’s overall quota holding under New Zealand’s Quota Management System from around 22 percent to approximately 19 percent of the total volume available for commercial catch.

In value terms, the sale of quota represents 3.75