Danish fishmeal and fish oil producer FF Skagen laid off 21 of its employees working in the fishmeal department because lower fishing quotas have led to a lower supply of raw material for processing, Skagens Avis reported.
"The increased competition and the smaller and smaller quotas have helped us to trim the department," FF Skagen Chairman Jens Borup said.
The company reported poor financial results in 2018 and 2019 and expects the same this year as it struggles with raw material supply.
FF Skagen expects to receive 450,000 metric tons of raw material this year, 33 percent less than last year.
In 2018, profits decreased 90 percent to DKK 6.9 million (€925,000/$1 million), compared to 2017.
