Merger talks underway between Icelandic fishing firms

The owners of fishing companies Vísir hf. and Thorbjörn hf. have started negotiations on transferring their companies' assets to a new amalgamated fisheries company. 

Both located in the Icelandic fishing town of Grindavík, Vísir and Thorbjörn (which trades as Thorfish) are established fisheries companies of similar size, and have worked together quite considerably in the past. These collaborations include fish drying firm Haustak, the fish collagen facility Codland, and sales companies in Greece.

If the merger is successful, the resulting company will have more than 44,000 metric tons (MT) of catch quotas and generate around ISK 16 billion (USD 129.3 million, EUR 117.9 million) in turnover. It will employ over 600 people.

According to a Vísir statement, the goal of the company's owners, who will all remain shareholders, is to create a new and powerful company that can also follow technological innovations and respond to increased market demands. 

“If negotiations on the establishment of a new company go according to plan, it can be expected to start at the end of the year, but until then the two companies' operations will remain unchanged,” it said.

Images courtesy of Thorbjörn, Vísir.


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