Latest news with #salmonfarming
Globe and Mail
6 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
7 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
7 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.
Reuters
7 days ago
- Business
- Reuters
Japan's Mitsubishi expands in salmon farming with acquisitions Norway and Canada
TOKYO, July 17 (Reuters) - Japanese trading house Mitsubishi (8058.T), opens new tab 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, without disclosing the price of the deal. The acquisition of three companies from Norwegian Grieg Seafood ASA 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. 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% in 2033 from 54% now. In October, Marubeni (8002.T), opens new tab 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 (8031.T), opens new tab are also present.
Bloomberg
7 days ago
- Business
- Bloomberg
Fish Farmer Grieg Exits Canada in $990 Million Deal With Cermaq
Grieg Seafood ASA agreed to sell some operations in Norway and Canada to Cermaq Group AS for a total enterprise value of 10.2 billion kroner ($990 million) as it focuses on its salmon farming in western Norway. After divesting the operations in Finnmark and Canada, on a cash and debt-free basis, Bergen, Norway-based Grieg will maintain its 'strong position' in Rogaland with a guided harvest volume in 2025 of 30,000 gutted weight tonnes, it said on Thursday. It aims to drive further growth in the region through its post-smolt strategy, where young fish are added to the sea when they are more mature than is normally done in fish farming.
