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EUROPEAN COMMUNITY ACTION ON SALMON PRICING

 WOODBRIDGE, N.J., Nov. 22 /PRNewswire/ -- John A. Mistretta, chairman and chief executive officer of Marine Harvest International (AMEX: MHI), today said that he was pleased that the European Economic Union (EEU) had taken initial steps to alleviate the price pressures on the salmon market by the immediate establishment of minimum import prices into the EEU. This action was taken to counteract the over-supply of salmon from Norway since early October.
 He added, "While this stabilization action taken by the Commission is only temporary -- lasting until the end of January 1994 -- the Commission has recognized that a higher price level must be maintained. Clearly, while we would have preferred a higher minimum import price than this current plan calls for, it is a definite improvement over the level that has existed in recent weeks."
 Mr. Mistretta stated that "Due to Marine Harvest's competitive strength as a low cost, high quality producer, we were able to achieve acceptable profitability in October although somewhat below our original expectations. We are hopeful that the actions taken by the Commission will now allow the over-supply to work its way through the system on a timely basis at improved pricing. The European Commission is also intending to set in place in January a reference price mechanism for salmon and this should be positive for the market on a long-term basis."
 Marine Harvest International, Inc. is engaged in the farming, processing and distribution of Atlantic salmon and Western White shrimp.
 -0- 11/22/93
 /CONTACT: Diana Burton of Marine Harvest, 908-750-1122/
 (MHI)


CO: Marine Harvest International, Inc. ST: New Jersey IN: FOD SU:

GK -- NY013 -- 6672 11/22/93 08:32 EST
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Publication:PR Newswire
Date:Nov 22, 1993
Words:276
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