Spanish seafood processor and surimi producer Angulas Aguinaga has launched a strategy aimed at turning it into a multinational food processing company and more than doubling sales to €450 million ($505 million) million by the end of 2025.
The company, which last year posted sales of €220 million ($247 million) said it plans to do this by investing in innovation and personnel.
As it widens its strategy Angulas Aguinaga will move into the area of pre-prepared dishes.
The company said it wants to see growth in its La Gula del Norte, Krissia, Aguinamar and Angulas Aguinaga Profesional lines but will move into new categories and sections, including pre-prepared dishes segment.
As the company spreads its wings executives plan to focus on Italy and France, with the aim of boosting penetration in the coming years.
The acquisition helped the company increase its portfolio of products, which already included mussels, octupus and surimi, among others.
Angulas Aguinaga will make the products in its Spanish factories to sell into the Italian market, reaching a wider consumer base.
“We find ourselves at a historic moment for the company. Stepping out of the fish market and becoming a food multinational are the two biggest challenges for Angulas Aguinaga, but we face the situation with a clear vision, with the best innovations and the best team," Angulas Aguinaga CEO Ignacio Munoz said.
Angulas Aguinaga said as part of the plan it will invest three times more than the sector average, doubling its investment in innovation through the end of 2025.
By then company bosses want to see international sales make up 43 percent of business. The figure stood at 36 percent in 2019.