AKVA group ASA announced this week an agreement to buy 70 percent of the shares in fish farming equipment manufacturer Plastsveis AS, for a total price of NOK 20 million, according to a statement from AKVA.
The transaction, if approved by the Norwegian competition authorities, is expected to be completed in March. Owners of the remaining shares have the option as of now to sell of the last 30 percent of Plastsveis.
AKVA officials said the acquisition was part of a strengthening of its operations.
“The acquisition is a natural step to strengthen the land based business area, and will give AKVA group a strong position in the market place when it comes to delivering a range of solutions for land based facilities to aquaculture,” said Trond Williksen, AKVA’s CEO. “Plastsveis AS is a well-managed company with strong competence and operational capability in its field. The company holds significant synergies with our existing land based activity as well as with our existing activities in Helgeland Plast AS.”
