Morpol to unload Spanish bass, bream operations
Morpol on Friday announced that it has initiated the process of selling Culmarex, its sea bass and sea bream operations in Spain.
The Poland-based salmon processor acquired Culmarex as part of the Marine Farms deal in the fourth quarter of 2010.
Morpol reiterated that, following a strategic review, the assets of Culmarex were deemed a non-core to Morpol’s main activities.
However, “Culmarex has an excellent position within the sea bass and sea bream industry and has been one of the top performing companies over many years,” said Morpol in a press release. “Currently, the markets and price levels for sea bream are improving strongly.”
Norwegian investment bank ABG Sundal Collier will advise the sale.
Last year, Morpol was one of the most active European seafood companies on the mergers-and-acquisitions front, jumping into the salmon-farming business by landing Mainstrem Scotland, Westray Scotland Ltd., Rysa Salmon and Brookside Products Ltd. In January, the company made its first acquisition in Norway, salmon farm Jøkelfjord Laks AS.
Morpol had revenue of approximately EUR 430 million in 2010.