Deals, Mergers, Partnership and Profits
Marine Harvest has scored fresh and smoked salmon processing contracts with U.K. supermarket chain Sainsbury’s after the heavyweight grocer decided to discontinue its salmon ties with previous processor Young’s Seafood Limited. Said contracts will start being fulfilled by Marine Harvest come November 2015.
American Seafoods is gaining slight traction in its endeavor to restructure its USD 900 million (EUR 792.3 million) in debt, but credit rating agency Standard & Poor’s isn’t so sure that creditors will take the bait/deal. Read more here: http://www.seafoodsource.com/news/supply-trade/us-fishing-co-tries-to-resolve-debts
Espersen, a Danish whitefish processor, has purchased 11.9 percent of Norway Seafoods’ shares, mostly thanks to Marine Harvest. After buying Marine Harvest out of its Norway shares, Espersen now has a 14.4 percent stake in the group. Aker remains Norway Seafoods’ largest shareholder with 73.6 percent.
Australia’s Tassal Group has confirmed plans to acquire Australian seafood player De Costi Seafoods. The Australian salmon farming group drew up its terms of sale agreement as of 5 June. The sale is expected to be completed at some point in July. “This acquisition would allow us to build on Tassal’s successful domestic market focus with salmon, increase Tassal’s vertical integration in salmon and further drive scale, and the efficiencies and benefits that will flow from the increased scale that the seafood offering will bring,” said Tassal CEO Mark Ryan of the acquisition.
Canada-based Cooke Aquaculture has acquired Wanchese Fish Co. of Suffolk, Va., as of 5 June. Remarked Glenn Cooke, CEO of Cooke Seafood USA, of the purchase: “This purchase is an exciting venture for us as we add a well-respected, family-owned and vertically integrated fishing company to our family’s businesses. We have found many similarities in our corporate cultures, not only a strong focus on family values but also on investment in
Style Limited, the Australian company renowned for environmentally-friendly flooring products, has made its first big move in the seafood sector by purchasing Nor-West
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Don't forget to check out last month's listings: Seafood industry leaders on the move - Vol. I
