Vestia Holdings, a subsidiary of Icelandic bank Landsbankinn (NBI hf.), on Thursday announced it assumed full ownership of Icelandic Group's parent company, Eignarhaldsfelagiõ IG.
The sale will have no effect on Icelandic's business activities or day-to-day operations. But, according to Vestia, it will provide strong support to the company's management team to execute its business plan. Vestia will appoint a new chairman to the board, but otherwise the board will remain intact.
The change in ownership is the final step in a process that began in late 2008, the goal of which was to strengthen Icelandic's financial foundations and clarify its ownership structure.
Over the past 18 months, Icelandic has demonstrated a significant turnaround in its operations following the restructuring of its balance sheet in October 2008. The company has managed to actively reduce its working capital and significantly lower total debt while notably increase its operational profitability and net income.
Icelandic has an annual turnover of more than EUR 1 billion (USD 1.36 billion) and is one of the world's 10 largest seafood companies, according to Vestia. Founded in 1942, Icelandic has operations in Europe, North America and Asia and employs about 3,900 people.
February 14, 2010
