Around 750 workers will lose their jobs as a result of a fire that destroyed a salmon processing plant in southern Chile owned jointly by Multi X and Blumar, the companies said.

Employees of the Entrevientos plant in Punta Arenas will receive compensation related to the number of years of service, Multi X CEO and Entrevientos board President Cristian Swett Pla said in a joint statement from the operators.

Multi X and Blumar each own 50 percent of the plant in Chile's southernmost city, which was reduced to ashes by a blaze that raged for more than three hours on Sunday.