Faroese Atlantic salmon producer Bakkafrost has entered into a conditional share purchase agreement with the owners of North Landing Ltd. to purchase all outstanding shares in the business. The deal is expected to be finalized at the end of this month.
In a statement, Bakkafrost said that its intention in establishing a base of operation in the United States is to improve its ability to serve its customers.
“Bakkafrost has over the last decade had an increased focus on market development, and by the acquisition of North Landing, Bakkafrost will have a better market access and will be able to provide the customers in one of the largest salmon markets with a wider range of services,” said the company.
North Landing is a U.S. salmon importer focusing on the East Coast and has a sales office, handling and processing facilities in Clifton, New Jersey. North Landing was the first American company to import fresh salmon from the Faroe Islands and has been a customer of Bakkafrost for more than 10 years. It employs 36 staff.
Moving forward, North Landing will be structured as a standalone subsidiary of P/F Bakkafrost, and all business and commercial relations with the business prior to the acquisition are unchanged.
It will also continue to offer the same products and services as it did prior to the acquisition, Bakkafrost said.
