Aker Seafoods ASA announced on Wednesday that it plans to spin off its sales, marketing, distribution and processing activities in Norway, France and Denmark into a separate entity.
If approved by its board, Aker Seafoods will focus solely on the harvesting of whitefish (cod, saithe and haddock), while the new subsidiary will focus on processing, sales, marketing and distribution in European markets.
"The whitefish industry in general and the fish-filleting industry in particular need to become more market oriented. Our plans may prepare the foundation for a re-industrialization of a business sector with a higher potential than the current financial situation," said Aker Seafoods CEO Liv Monica Stubholt.
"We are considering our options in regards to forming a market-oriented processing company," added Stubholt. "We are receptive to cooperation with partners and investors who possess knowledge about seafood marketing, sales and distribution. This is an offensive strategy which can be used to break the trend of a generally low profitability in the processing industry."
A detailed plan will be presented to the board by summer, and this week Aker Seafoods is explaining its plan to mayors in northern Norway, where its land-based processing facility are located.
April 14, 2010
