Marel takes 40 percent stake in Stranda Prolog, forms strategic partnership
Icelandic seafood processing firm Marel has acquired a 40 percent stake in Stranda Prolog, a Kristiansund, Norway-based creator of salmon processing technology.
In the 28 January corporate announcement, Marel said the transaction will facilitate “the launch of a strategic partnership between the two companies.”
“Marel and Stranda Prolog have long-standing relationships with many of the largest salmon processors globally and have successfully collaborated over the years to deliver full-line projects worldwide, with Marel’s overarching Innova software enabling a seamless flow across all processing stages,” the company said. “With their combined product portfolio, the two companies will be in a stronger position to extend their customer reach through Marel’s global sales and service network and better service their existing and future customers. In addition, the strategic partnership will provide a forum for further collaboration on sales, and R&D fully focused on developing innovative solutions for the salmon market, and on sharing know-how and best practices.”
The transaction will be executed through a combination of share acquisition and equity injection to support the development and launch of new innovative solutions, Marel said.
“We are excited to launch this strategic partnership with Stranda Prolog, an innovative provider of solutions for primary salmon processing. Stranda Prolog’s superior knowledge of raw material handling and quality processing solutions is mirrored in their strong presence in the market. In recent years, Marel and Stranda Prolog have achieved great results collaborating on innovative full-line projects with some of the industry's most forward thinking fish processors,” Marel Fish Executive Vice President Gudbjorg Heida Gudmundsdóttir said. “By partnering up formally, we are in a stronger position to continue to transform the salmon processing industry, creating a more seamless flow, securing valuable data, and providing safe high-quality products to consumers worldwide. On a personal note, I am pleased to enter into the partnership with a company that shares Marel’s values and vision, and I look forward to us working together.”
Gudmundsdóttir said the transaction aligns with Marel’s strategic objective to be a full-line supplier of advanced food processing solutions, software, and services to the fish, meat, and poultry sectors. She praised Stranda Prolog’s product portfolio for primary salmon processing and aquaculture solutions.
Founded in 1946, Stranda Prolog now also manufactures helix tanks, fish pumps, stunners, fish care products, and net cleaning solutions. The company has approximately 100 employees and recorded annual revenue in 2019 of EUR 25 million (USD 30.4 million).
“We are proud to partner formally with Marel, who with their digital solutions and global reach in sales and services, share our vision to create innovative processing solutions for an increasingly global customer base in the fish industry,” Stranda Prolog CEO Klaus Hoseth said. “We will continue to be recognized as Stranda Prolog to our existing customers, but for new customers in new markets, we will be known as a strategic partner of Marel. Together, we remain fully committed to creating value for our customers through quality processing, with a focus on fish welfare and the responsible harvesting of farmed fish. For our employees, their families, and the city of Kristiansund, this transaction is a recognition of all our hard work and accomplishments, and provides a great foundation and funding for new endeavors. We know Marel well, with their expertise in our industry and knowledge of how we operate. I look forward to entering a partnership with industry colleagues who have been my friends for so many years.”
Photo courtesy of Marel