Mowi adds to portfolio with Norwegian acquisition
MOWI has moved to strengthen its Norwegian base by buying the family owned salmon business of K. Strømmen Lakseoppdrett.
The company confirmed the 790 million kroner (£73 million) deal, which is 70 per cent in cash and 30 per cent through Mowi issuing new shares.
Mowi said the purchase would strengthen its position in central Norway, and ‘support our long term strategy of being a world leading producer of seafood proteins’.
When Mowi rebranded from Marine Harvest last year it made it clear that it was in the market for further acquisitions, both at home and abroad.
K. Strømmen Lakseoppdrett has four licences and operates with four separate locations, each with a maximum biomass of 780 tonnes.
Established by aquaculture pioneer Kristen Strømmen in 1972, when salmon farming was still a relatively small industry in Norway, the business had an annual turnover in excess of 170 million kroner (around £15 million) last year.
It also has a strong customer base and its Atlantic salmon is recognised in the industry as being of high quality. It is exported to major markets in Asia and Europe.