Bakkafrost takes over Faroe Farm­ing

Fish Farmer - - European News -

BAKKAFROST has moved to ac­quire to­tal con­trol of fel­low Faroese aqua­cul­ture busi­ness P/F Faroe Farm­ing. The is­lands’ largest fish farmer has en­tered into an agree­ment to buy the re­main­ing 51 per cent of the shares for a cash con­sid­er­a­tion of 75 mil­lion Dan­ish kro­ners (DKK). The deal will give Bakkafrost 100 per cent of the shares in Faroe Farm­ing. P/F Faroe Farm­ing is en­gaged in smolt pro­duc­tion, salmon farm­ing, har­vest­ing, por­tion pro­duc­tion and sales.It op­er­ates in Suðuroy, in the south­ern part of the Faroe Is­lands, where it holds three farm­ing li­cences with to­tal har­vested vol­umes last year of 4,681 tonnes. In 2015, Faroe Farm­ing re­ported rev­enues of DKK 154 mil­lion and EBIT of DKK 13 mil­lion. Net profit last year was DKK 13 mil­lion. Bakkafrost has also filed two li­cences to the Faroese au­thor­i­ties, giv­ing the com­pany 14 li­cences for farm­ing salmon in the Faroe Is­lands. Chief ex­ec­u­tive Re­gin Ja­cob­sen said: ‘Bakkafrost ex­pects salmon farm­ing in Suðuroy can be sig­nif­i­cantly op­ti­mised. Bakkafrost has an­nounced an in­vest­ment plan for the next five years, and part of these op­por­tu­ni­ties can re­sult in in­creased value for both Bakkafrost, and Suðuroy in gen­eral.’ The com­pany has an­nounced an in­vest­ment pro­gramme of 2.2 bil­l­lion Dan­ish kro­ners (around £230 mil­lion). Last year, it har­vested a to­tal vol­ume of 50,565 tonnes, and in the first quar­ter of 2016 it pro­duced 10,934 tonnes. Feed sales to­talled 78,865 tonnes in 2015.

Above: Re­gin Ja­cob­sen

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.