Neptune to rebuild destroyed plant

Canadian Omega 3 producer lays off 70 while it looks for production partners
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Neptune Technologies & Bioressources ($NEPT), whose main plant was destroyed in an explosion that killed three workers and injured 18 more, says it is coming back. The Canadian company is looking for manufacturers to take on its fish oil production until it can rebuild. Neptune makes over-the-counter Omega 3 products from krill oil and is working on prescription krill-oil drugs. It says it will start with the expansion project that was under way in Sherbrooke before its main plant was leveled and build 150,000 kilograms of capacity. It plans to outsource any additional production it can sell. It expects most of the cost to be covered by insurance. The company has "temporarily" laid off 70 workers since the disaster but will keep 10 full-time and 20 part-time employees on to help on the new plant. It said senior managers are taking a 20% cut on their compensation while the company gets back on its feet, which may be repaid when things get better. Neptune also said it was correcting reports that the amount of acetone kept at the destroyed facility exceeded what was allowed. Release | More