Latest news with #GriegSeafood
CBC
4 days ago
- Business
- CBC
Grieg Seafood's N.L. operations sold to global salmon farming company
Grieg Seafood has signed an agreement to sell its operations in Newfoundland and Labrador to Cermaq, a global salmon company based in Oslo. Grieg has 110 employees in the province, with connections to Placentia Bay and Marystown. Cermaq CEO Steven Rafferty says it presents a great opportunity for the company, while the mayor of Marystown remains cautiously optimistic.
Globe and Mail
4 days ago
- Business
- Globe and Mail
Japan's Mitsubishi expands in salmon farming with acquisitions in Norway, Canada
Japanese trading house Mitsubishi MSBHF said on Thursday it would expand its salmon farming by acquiring additional businesses in Norway and Canada, as Japanese companies continue to grow in the food sector, with a focus on protein. Faced with volatile fossil fuel markets and in search of stable revenue streams, Mitsubishi and its rivals have been diversifying into the food business, where demand is set to grow alongside a rising world population. 'In recent years, securing food resources has become a critical global challenge driven by population growth,' Mitsubishi said in a statement. The acquisition of three companies from Norwegian Grieg Seafood ASA GRGSF was made via Cermaq Group, Mitsubishi's salmon farming company with assets in Norway, Canada and Chile. It will boost salmon production to around 280,000 tons in the 2027 fiscal year, up from some 200,000 tons produced by Cermaq annually now. The acquisition price is NOK10.2-billion ($1.3-billion), Cermaq said in a separate statement. Salmon is among the most popular sushi items in Japan, but the bulk of it is imported from other countries, including Norway and Chile. Japan aims to raise the share of locally sourced seafood it consumes to 94 per cent in 2033 from 54 per cent now. In October, Marubeni MARUY began selling salmon from a farm operated near Mount Fuji by its Norwegian partner, adding to the seafood business where its rivals Mitsubishi and Mitsui MITSY are also present.
Yahoo
5 days ago
- Business
- Yahoo
Grieg Seafood sells operations in Canada and northern Norway
Grieg Seafood has sold its operations in Canada and northern Norway to Cermaq — a global salmon farming company based out of Oslo. The sale includes assets and operations in Marystown, on Newfoundland's Burin Peninsula. The company employs 110 people in the community, operating 14 seawater licences in Placentia Bay and a land-based freshwater facility with offices in Marystown. In a news release on Thursday, Grieg said Cermaq is "well placed to take the Newfoundland region further." "Cermaq shares our values of farming with the lowest possible environmental impact and highest possible fish welfare, as well as of respecting and contributing to the rural and Indigenous communities where the operations take place," wrote company CEO Nina Willumsen. "We are confident that the region is in the best hands and that it will continue to create local value long into the future." In February, Grieg hit pause on its plans to expand the large-scale salmon operation in Marystown. The decision was largely driven by an inability to find a financing partner and the threat of economic tariffs from the United States. Construction of the 17,500-square-metre post-smolt facility had also been delayed in October 2020 due to the COVID-19 pandemic. Grieg's first harvest from Placentia Bay came in 2023 with roughly 5,000 tonnes of salmon. The company told CBC News on Thursday it would not do interviews. Download our free CBC News app to sign up for push alerts for CBC Newfoundland and Labrador. Sign up for our daily headlines newsletter here. Click here to visit our landing page.
CBC
5 days ago
- Business
- CBC
Grieg Seafood sells operations in Canada and northern Norway
Grieg Seafood has sold its operations in Canada and northern Norway to Cermaq — a global salmon farming company based out of Oslo. The sale includes assets and operations in Marystown, on Newfoundland's Burin Peninsula. The company employs 110 people in the community, operating 14 seawater licences in Placentia Bay and a land-based freshwater facility with offices in Marystown. In a news release on Thursday, Grieg said Cermaq is "well placed to take the Newfoundland region further." "Cermaq shares our values of farming with the lowest possible environmental impact and highest possible fish welfare, as well as of respecting and contributing to the rural and Indigenous communities where the operations take place," wrote company CEO Nina Willumsen. "We are confident that the region is in the best hands and that it will continue to create local value long into the future." In February, Grieg hit pause on its plans to expand the large-scale salmon operation in Marystown. The decision was largely driven by an inability to find a financing partner and the threat of economic tariffs from the United States. Construction of the 17,500-square-metre post-smolt facility had also been delayed in October 2020 due to the COVID-19 pandemic. Grieg's first harvest from Placentia Bay came in 2023 with roughly 5,000 tonnes of salmon.
Yahoo
5 days ago
- Business
- Yahoo
Cermaq buys three salmon plants from Norway peer Grieg Seafood
Cermaq plans to acquire three salmon processing facilities from Norwegian peer Grieg Seafood for Nkr10.2bn ($988.6m). The purchase of the sites – one in Finnmark, Norway, and two others in Canada in British Colombia and Newfoundland – is subject to approval by the 'relevant' competition regulators, Cermaq, a European subsidiary of Japan's Mitsubishi Corp., said in a statement today (17 July). Separately, Grieg Seafood said the disposals also include its sales organisation in North America as the salmon processor seeks to focus operations on Rogaland in Norway. Cermaq CEO Steven Rafferty said the plant acquisitions will 'strengthen our competitiveness and contribute to growth'. He added: 'We have profound respect for Grieg Seafood and their pioneering initiatives as a global company with a long-lasting legacy. 'With dedicated employees and operations in several regions where Cermaq operates today, we believe the companies are an excellent match with a common goal for sustainable and innovative operations.' Asked by Just Food to confirm the processes conducted at the three facilities and whether any jobs will be lost, or in fact retained, a spokesperson for Oslo-based Cermaq declined to comment, saying the company was restricted by the regulatory proceedings. Grieg Seafood confirmed the plant sales and transaction price in its own statement from Nina Willumsen Grieg, who took on the CEO role on an interim basis in March to replace Andreas Kvame. 'This transaction will position both Grieg Seafood and the regions for the future. It allows us to concentrate focus and resources in Rogaland,' she said. 'We aim to continue to be a strong actor in the advancement of sustainable aquaculture in Norway.' This publication has also asked Grieg Seafood to confirm the nature of the three operations, the future of employees, and whether Ms Grieg has taken on the CEO role on a permanent basis. In a Euronext filing, Grieg Seafood said the transaction with Cermaq is expected to close in the final quarter of this year subject to regulatory approval. The company will provide more information on its 'strategic direction' when second-quarter results are issued on 26 August. Meanwhile, in a separate presentation, Grieg Seafood said the transaction will have no impact on its 'ownership' in Tytlandsvik Aqua and Årdal Aqua, while its new value-added processing site in Gardermoen, Norway, will remain with the business. First-quarter results issued in May showed Grieg Seafood booked sales of Nkr2.18bn, down 4.8% from a year earlier. Harvest volumes fell to 20,770 tonnes GWT, from 21,075. EBITDA declined 14% to Nkr381m, while profit before tax remained in the red with losses widening to Nkr603m from Nkr301m. Issuing the fiscal 2024 results in February, Grieg Seafood said it booked a Nkr1.74bn impairment 'due to changes and uncertainty in Canada'. Kvame, still CEO at the time, explained: 'While Rogaland continued to deliver strong operational and financial performance, the fourth quarter continued to bring difficult operating conditions and adverse biological events in Finnmark. 'In Canada, we maintained a cautious approach in British Columbia given the persisting political uncertainty and worked to find a good way forward for our operations in Newfoundland.' For the full year, sales revenue at Grieg Seafood rose 5.1% to Nkr7.38bn. Harvest volumes climbed 7.9% to 77,704 tonnes GWT. However, EBITDA slumped to Nkr659m from Nkr1.33bn. The company delivered a net loss of Nkr2.45bn versus a Nkr560m profit in fiscal 2023. "Cermaq buys three salmon plants from Norway peer Grieg Seafood" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
