Austevoll nets 50% stake in Hordafor

Austevoll Seafood on Friday announced that its fishmeal and fish-oil subsidiary in the Northern Atlantic, Welcon Invest AS, has agreed to acquire a 50 percent stake in Hordafor AS.

The deal is valued at NOK 120 million and will be paid in cash.

Hordafor produces protein concentrate and marine oils using byproducts from the pelagic fish and salmon industries. The company has production facilities along the coast of Norway and a well-developed logistics system for the collection of byproducts, which are primarily used as input ingredients in aquaculture and agriculture feeds. It processes about 175,000 tons of byproducts annually.

Hordafor had a 2010 turnover of NOK 520 million, with an operating result of NOK 81.4 million.

The deal is subject to regulatory approval.

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