Iceland Seafood International will merge its two subsidiaries in Spain into one joint company, it announced on Friday, 22 February.
The merger between Iceland Seafood Spain and Icelandic Ibérica will result in Hjörleifur Ásgeirsson will leave his position as managing director of Icelandic Ibérica. Magnús B. Jónsson, currently the managing director of Iceland Seafood in Spain, had been named the leader the new combined company, ISI said in a press release.
ISI CEO Bjarni Ármannsson, who was himself appointed last month, said the objective is to create one strong organization in the Southern European market, “a vitally important market for cod products from Iceland.”
“This change is a logical step in our development in Southern Europe,” he said. “I’d like to take this opportunity to Congratulate Mr. Magnús Jónsson, who I know will do exceptionally well with his team to develop the new entity in Spain. I very much look forward to support that process and see the company continue to grow.”
ISI acquired Icelandic Ibérica in May 2018 through its purchase of Solo Seafood. The entity is a leading sellerof light salted cod products from Iceland in Southern Europe, the world largest market for frozen cod products from Iceland.
ISI’s Spanish subsidiaries represent a large proportion of ISI group’s total sales. The companies have production sites in Malaga, Barcelona, and Argentina, and sales offices in Malaga, Barcelona, and Vigo, as well as several smaller sales offices in Spain and Italy. Their combined annual sales were estimated at EUR 180 million (USD 204.2 million) by ISI.
“Both companies have strong brand and product recognition in the market, highly qualified people with valuable know-how and experience and a loyal customer base that will benefit from a stronger company,” ISI said in a press release.
Hjörleifur Ásgeirsson, who established Icelandic Ibérica in 1996 on behalf of Icelandic group has decided to retire from his position as a Managing Director of Icelandic Ibérica. Mr. Ásgeirsson along with his team pioneered the market for light salted cod products from Iceland in Southern Europe, that today is the single largest market in the world for frozen cod products from Iceland.
Creating a market with a new product is never easy or straightforward. Mr. Ásgeirsson and his team have in the last quarter of a century successfully created a highly valuable Icelandic cod market. This reflects a superior execution power and understanding of both the market and the potential of the product. The light salted cod market has still significant growth opportunities going forward.
With the companies facing a likely combined merge since the Solo Seafood acquisition, Ásgeirsson said he found the timing right to retire.
“I am proud of the company we have built and very grateful to the fantastic team that has worked on this task together with me,” he said. I know the company is at a crossroad and I felt this would be a good time to step aside.“
Jónsson said he hoped in his new position to mimic the success he helped create with the 2006 merger of Armengol, Union Islandia, and Iceland Seafood, which saw a marked increase in its sales of frozen products under his leadership.
“I look forward to taking on this new challenge where the objective will clearly be to serve our clients as best we can with the extremely competitive team of people we have on board of these two companies,” he said. “With a great customer base and a strong combined team, the task ahead will be easier.”
Photo courtesy of ISI
