HB Grandi’s board of directors has approved a purchase agreement for seafood sales companies in Asia and will submit the acquisitions to a shareholders meeting for approval.
The Icelandic company has made an offer to buy the firms for EUR 31.1 million (USD 34.9 million) and the owner, Útgerðarfélag Reykjavíkur hf., has accepted the offer.
In a statement, HB Grandi said the purpose of the purchase is to strengthen the sales and marketing operations of the company, particularly in Asia.
The board has also proposed to change the company name and brand to Brim and Brim Seafood.
“A new name and a brand identity will serve the purpose of the company which is to market and sell to valuable markets the seafood products the company catches and processes,” it said.
The HB Grandi name is 15 years old and reflects the merger of two companies, Haraldur Böðvarsson and Grandi.
According to the statement, the new changes serve the purpose of underlining the company’s greater commitment to international marketing and sales operations, as indicated by the buying of the sales companies in Asia.
“The name Brim and the trademark Brim Seafood are simple and easy to pronounce and are already known on international seafood markets. The logo symbolizes three waves as well as forming the shape of a fish which is the company's main product. The blue color represents the sea and the silver is a reference to the valuables of the ocean harnessed by Brim.”
Emil H. Valgeirsson of Hvíta Húsið in Reykjavík designed the new logo.
HB Grandi’s shareholder meeting is expected to take place in mid-August.
