Tassal

Tassal is an Australian aquaculture and seafood company whose principal operations are based in Tasmania. Founded in 1986, it became one of the country’s largest producers of Tasmanian-grown Atlantic salmon, supplying fresh and processed seafood to Australian retailers, food-service customers and international markets. Its business has included the full salmon value chain, from freshwater hatcheries and marine farming through harvesting, processing, smoking, distribution and retail. The company’s Tasmanian salmon operations include freshwater hatcheries and nurseries, marine farming zones and processing facilities. Salmon smolt are raised in land-based facilities before being transferred to sea pens, where they generally remain for approximately 12 to 18 months before harvest. Tassal has operated farming areas in locations including the Huon region, the D’Entrecasteaux Channel, Macquarie Harbour, Storm Bay and the eastern Tasmanian coast. Its processing network has included facilities at Huonville, Margate and Dover, together with a rendering facility at Triabunna. Tassal also expanded beyond salmon. Its Queensland operations have focused on prawn farming, hatcheries and processing, while its New South Wales operations have supported seafood processing, distribution and prawn-related activities. Through acquisitions and subsidiaries, the group has owned or operated seafood businesses and brands including Aquatas, Superior Gold, De Costi Seafoods, Tasmanian Smokehouse and Salamanca Seafood Company. Sustainability and environmental performance have been central to Tassal’s public positioning. The company participated in industry certification and sustainability initiatives, including Aquaculture Stewardship Council certification, Best Aquaculture Practices and the Global Salmon Initiative. It also formed a sustainability partnership with WWF Australia and investigated integrated farming approaches involving native seaweed. At the same time, Tassal has faced sustained criticism and regulatory scrutiny concerning marine environmental impacts, lease management, antibiotic use, public consultation and alleged influence over witnesses in a parliamentary inquiry. Tassal was listed on the Australian Securities Exchange from 2003 until 2022. Cooke Inc., a Canadian seafood company, acquired Tassal in August 2022 for A$5.23 per share, valuing the transaction at approximately A$1.7 billion. Tassal was subsequently delisted and became part of Cooke’s privately held international seafood group. The Tassal name and operating businesses continue as active seafood operations, although the company is no longer an independently ASX-listed corporation.

Tassal was established in 1986 and developed into a major Tasmanian salmon-farming business. Its growth followed the expansion of Atlantic salmon aquaculture in Tasmania and the development of an integrated operating model covering hatcheries, marine leases, harvesting, processing and distribution. The company’s primary product became Tasmanian-grown Atlantic salmon, sold through domestic retail and food-service channels and exported to international markets. The group broadened its seafood activities through acquisitions. In 2005 it acquired Aquatas from Webster. In 2007 it announced the purchase of the assets and intellectual property of Superior Gold from the King Island Company, a National Foods subsidiary. In 2015 it acquired De Costi Seafoods, strengthening its presence in seafood distribution and processing. In 2018, De Costi acquired land, assets and inventory associated with the Fortune Group’s prawn aquaculture business. These transactions helped Tassal develop a broader seafood portfolio alongside its salmon business. Tassal’s salmon infrastructure included freshwater hatcheries and nurseries, marine farming zones and processing sites. The Rookwood Road facility was expanded in 2016 and became one of Australia’s largest land-based salmon nurseries, with reported capacity of approximately eight million smolt annually. Tassal also operated or accessed industry breeding infrastructure through SALTAS. In the marine environment, salmon were grown in sea cages across several Tasmanian zones, including the Huon region, the D’Entrecasteaux Channel, Macquarie Harbour, Storm Bay and the east coast. Sustainability became an important part of the company’s corporate strategy and market identity. Tassal entered a partnership with WWF Australia in 2012 and became the first salmon-farming company reported to have achieved Aquaculture Stewardship Council certification across its harvest sites in 2014. It later joined the Global Salmon Initiative and reported efforts to increase recycling of hard and soft plastics. The company also investigated integrated multi-trophic aquaculture, including trials of native seaweed species alongside salmon and oyster leases. The business nevertheless operated amid persistent environmental and political controversy. Historical communications with Tasmanian regulators referred to unacceptable environmental impacts and alleged non-compliance. In 2016, problems were identified at Macquarie Harbour leases, leading Tassal to notify the environmental regulator and destock its Franklin lease for an extended fallowing period. In 2017, the ASC identified failures against certification requirements at Macquarie Harbour. Public debate also covered antibiotic treatments, the effects of farming on neighbouring marine businesses, ecosystem degradation and the adequacy of regulatory oversight. A 2016 Four Corners investigation intensified scrutiny of the Tasmanian salmon sector and included allegations by mussel farmer Warwick Hastwell concerning the effects of salmon farming on his business. In 2017, a Senate committee examined claims that communications relating to confidentiality and non-disparagement obligations had improperly influenced a potential witness. Later criticism included Richard Flanagan’s 2021 book Toxic, which presented a strongly negative account of the Tasmanian salmon industry. Tassal was publicly traded on the ASX from 2003. In 2022, Cooke Inc. completed a takeover after making multiple offers, with the final transaction priced at A$5.23 per share and reported at approximately A$1.7 billion. Tassal was delisted and became part of Cooke’s Canadian-owned seafood group, while continuing to operate under the Tassal name.

1. 2022Cooke acquisition and delisting

   Cooke Inc. acquired Tassal for A$5.23 per share and Tassal left the ASX.

   Source
2. 2018Global Salmon Initiative membership

   Tassal joined the Global Salmon Initiative as its seventeenth member.

   Source
3. 2015De Costi Seafoods acquired

   Tassal acquired De Costi Seafoods, expanding its seafood processing and distribution activities.

   Source
4. 2014ASC certification milestone

   Tassal became the first salmon-farming company reported to achieve ASC certification across its harvest sites.

   Source
5. 2012WWF sustainability partnership

   Tassal and WWF Australia announced a partnership focused on sustainable aquaculture.

   Source
6. 2007Superior Gold assets acquired

   Tassal announced the acquisition of Superior Gold assets and intellectual property from the King Island Company.

   Source
7. 2005Acquisition of Aquatas

   Tassal acquired Aquatas from Webster.

   Source
8. 2003ASX listing

   Tassal began trading on the Australian Securities Exchange.

   Source
9. 1986Tassal founded

   Tassal was established as a Tasmanian aquaculture and seafood business.

   Source

Tasmanian-origin, vertically integrated and sustainability-focused seafood producer serving retail, food service and export markets.

• Tassal Tasmanian Atlantic SalmonFarmed salmon

  The company’s core product line consists of farmed Atlantic salmon raised through Tassal’s Tasmanian hatchery and marine-farming system. Products have been sold fresh, chilled, frozen and in prepared formats through retail, food-service and export channels.

• Tasmanian SmokehouseSmoked seafood

  A Tassal-associated smoked-seafood brand and processing activity focused principally on value-added salmon products, including smoked formats for retail and food-service use.

• De Costi SeafoodsSeafood retail and distribution

  A seafood business acquired by Tassal in 2015. De Costi broadened the group’s distribution, processing and product range beyond farmed Tasmanian salmon.

• Farmed prawnsAquaculture prawns

  Tassal’s Queensland operations include prawn farms, hatcheries and processing facilities, while related activities have also been associated with New South Wales operations and the De Costi business.

• 2016Integrated seaweed farming trials

  Tasmania

  Tassal began trials involving native seaweed species grown alongside salmon and oyster farming, exploring ecosystem diversification and nutrient uptake.

  Outcome. The trials were presented as an investigation into integrated aquaculture rather than a fully established commercial line.

  Source
• 2012WWF Australia and Tassal Sustainable Aquaculture Partnership

  Australia

  A formal partnership with WWF Australia addressing sustainability issues in aquaculture and the environmental performance of salmon farming.

  Outcome. The partnership became part of Tassal’s sustainability and stakeholder-engagement program.

  Source

• 2022Sale to Cooke Inc.M&A

  Cooke made multiple offers for Tassal during a period of takeover interest in the Australian seafood sector.

  What changed. Tassal accepted Cooke’s acquisition at A$5.23 per share, for a reported total value of approximately A$1.7 billion.

  Aftermath. Tassal was acquired by Cooke and delisted from the ASX.

  Acquisition value. A$1.7 billion (2022 transaction)

  Source
• 2018Macquarie Harbour joint venture with PetunaStrategy

  Macquarie Harbour farming had attracted environmental scrutiny and concerns about stocking intensity, biosecurity and fallowing.

  What changed. Tassal established a joint venture with Petuna intended to coordinate stocking, improve biosecurity and allow longer fallowing periods.

  Aftermath. The arrangement was presented as an environmental-management and operational strategy for Macquarie Harbour.

  Source

• 2022Antibiotic residue and disclosure controversyControversy

  Environmental groups raised concerns about antibiotic use after monitoring associated with a Vibrio outbreak reported residues in fish caught near a Tassal lease. Tassal also attempted to prevent publication of certain EPA monitoring reports.

  Source
• 2017Alleged witness tampering inquiryControversy

  A Senate committee examined claims that a potential witness in an aquaculture inquiry had been improperly influenced through communications concerning confidentiality and non-disparagement obligations.

  Source

• 2022Tassal acquired by Cooke Inc. and delisted from the ASX

  Canadian seafood company Cooke Inc. completed its acquisition of Tassal at A$5.23 per share, after which Tassal ceased to be listed on the Australian Securities Exchange.

  M&AOther
  Source
• 2022EPA monitoring raised concerns about antibiotic residues near a Tassal lease

  A Tasmanian environmental monitoring report published in July 2022 reported antibiotic residues above the reportable threshold in flathead caught near a Tassal lease after treatment associated with a Vibrio outbreak.

  RegulationOther
  Source
• 2018Tassal joined the Global Salmon Initiative

  Tassal became the seventeenth member of the Global Salmon Initiative, an industry collaboration focused on improving salmon-farming sustainability.

  Other
  Source

1. Tassal
2. Tassal official website