European Fishmeal and Fish Oil Companies Consolidate
In an effort to advance their positions in the global marine proteins and oils sector, Austevoll Seafoods ASA and Origin Enterprises plc will merge their Norwegian, Irish and British fishmeal and fish oil operations, the companies announced yesterday.
The operations include Austevoll’s Norwegian subsidiary Welcon Invest As and Origin’s United Fish Industries (UFI) in Ireland and the United Kingdom.
Origin has transferred its interest in UFI to Welcon together with a cash contribution of EUR 16 million (USD 20.5 million) in return for a 50 percent share in the combined business.
Welcon will be led by a management team comprised of executives from both companies. Arne Stang will continue as CEO, and Tom Tynan, managing director of UFI, has been appointed COO. The Welcon board will be comprised of equal representation from both shareholders.