Samherji acquires rival in Iceland

By

SeafoodSource staff

Published on
May 1, 2011

Samherji HF on Monday announced that it acquired the assets of Brim Seafood Co. in Akureyri, in northern Iceland, for ISK 14.5 billion (USD 130.6 million, EUR 88 million). The new company will be named Útgerðarfélag Akureyringa.

The assets comprise of fish-processing plants in Akureyri and Laugar, including machinery, two fresh fish trawlers (Sólbakur EA 1 and Mars RE 205) and fishing allowances in cod, haddock, ocean catfish and plaice.

As part of the acquisition, Samherji, one of Iceland’s largest seafood companies, will contribute equity of ISK 3.6 million, partly financed by selling assets abroad. Landsbanki Islands, the new company´s bank, will finance ISK 10.9 million, with the intention of supporting the continuation of fish processing in Akureyri.

“Our roots are here. We felt, when this opportunity came, in spite of the uncertainties in the fisheries business in Iceland, that the right thing to do was to assist in preventing more uncertainties in the employment and standard of living situation here in our home grounds,” said Þorsteinn Már Baldvinsson, director of Samherji.

“There are uncertainties in the administration of fisheries in Iceland, but the government has declared the intention of creating a stable working environment for the future,” he added. “We have always believed in the seafood business and have therefore decided to invest ISK 3.6 million in this company. We are aware of the risk involved, but we believe that we can handle it, especially due to our successful business in other countries recently.”

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