Grieg acquires Shetland producer


SeafoodSource staff

Published on
April 18, 2010

Grieg Seafood Hjaltland UK Ltd. announced on Friday that it has agreed to acquire Northern Aquaculture Ltd. in Shetland for GBP 1.1 million (USD 1.5 million, EUR 1.1 million).

The purchase includes four production sites on Shetland's west coast, with total capacity of 2,900 metric tons, said the Norwegian company, calling the acquisition an ideal fit.

Grieg Seafood Hjaltland, the Shetlands' largest salmon farming company, already has production on two of the sites under a contract growing agreement. The agreement will be terminated upon completion of the transaction.

As part of the deal, Grieg Seafood Hjaltland is also taking over equipment leasing with a remaining liability of GBP 700,000 (USD 1.1 million, EUR 798,000 million). The total value of the transaction comes to GBP 1.8 million (USD 2.8 million, EUR 2.1 million).

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