Russian Sea Group sells branded division
Russian Sea Group has announced a series of agreements to sell Russian Sea CJSC to a group of investors for USD 52 million (EUR 39.5 million).
The deal is expected to be finalized in early 2013.
Russian Sea CJSC’s main asset is a production facility in Noginsk, Moscow, where it produces preserved fish and seafood from chilled Norwegian salmon and trout, and salmon roe.
“For a long time the company is the least profitable business of the group, not being strategically required to implement long-term development plan,” said the company. “This deal provides optimization of the group structure and ensures its financial stability for further development of other core areas of group business and perspective projects.”
Proceeds from the deal will be used to reduce the Group debt, and, as a result, lead to significant improvement in its financial performance and financial stability. The deal also allows the company to focus on group efforts on development priorities including commercial aquaculture, distribution and new opportunities.