Sale of Grieg Seafood’s Shetland operations completed
One June 29th 2021, it was announced that Scottish Sea Farms will acquire Grieg Seafood’s Shetland operations. The business transfer includes 21 active farm sites across Shetland and Skye, a new land-based feeding central, a freshwater facility and a processing plant.
Today, the sale was completed. Scottish Sea Farms welcomes Grieg Seafood Shetland’s talented employees into their company.
Going forward, Grieg Seafood will narrow focus, resources and investments to Norway and Canada, which are the farming regions with the largest potential for sustainable growth. The sale of the Shetland operations will advance Grieg Seafood’s ability to pursue opportunities in these production regions, strengthen the Company’s balance sheet and bolster the execution of it’s 2025 business strategy.
Commenting on the transaction, Andreas Kvame, CEO of Grieg Seafood ASA, said:
“The sale represents an important milestone in our communicated strategy to concentrate future farming activities in Norway and Canada, where we see the largest potential for profitable and sustainable growth.
Following a three-year long period of restructuring and operational improvement, our Shetland business has been turned around. The region has improved sea lice control and survival significantly and delivered solid profits during the two previous quarters. I am pleased to say that we hand over operations in good shape.
I want to sincerely thank all employees of Grieg Seafood Shetland for their impressive efforts and dedication to the company, especially during the difficult times of the pandemic. I am confident that the Shetland business is in good hands and that salmon farming will continue to create value for the local communities in Shetland for years to come.”