Reykjavík, Iceland-based Marel has reached an agreement to acquire the remaining 50 percent of whitefish primary processing equipment provider Curio, having bought 40 percent in 2019 and a further 10 percent in 2020.
The purchase adds to the processing machinery and technology company's recent acquisitions of Valka and 40 percent of Stranda Prolog.
Founded in 2008 and employing the equivalent of 40 full-time staff, Curio specializes in the delivery of innovative heading, filleting, and skinning solutions. Its main market is Europe, particularly the Nordics and the United Kingdom.
“Curio and Marel's collaboration over the past two years has exceeded expectations to the benefit of both companies,” Curio CEO Ellidi Hreinsson said. “Considering the successful collaboration and the strong sales growth of our joint solutions, I believe now is the right time to integrate the companies.”
Hreinsson added that the new integration will allow the company to create “stronger and more comprehensive product offerings” to benefit customers.
Marel Fish Executive Vice President Guðbjörg Heiða Guðmundsdóttir said after two years of successful cooperation, Marel was “ready to take the next step” on its journey with Curio.
“We have already achieved fantastic results, where our global reach has enabled sales of Curio’s standalone equipment in new markets, for example in Spain and in Italy. In addition, our combined line offering, including Innova, has enabled new sales in the U.S. and Europe,” she said. “I’m confident that with Curio, Valka, and Stranda Prolog, we have a strong foundation to create value for our customers and further strengthen our offering.”
NASDAQ- and Euronext Amsterdam-listed Marel employs around 7,000 employees in more than 30 countries. In 2020, the company delivered EUR 1.2 billion (USD 1.4 billion) in revenue.
Photo courtesy of Marel
