Cermaq to acquire three salmon plants from rival Grieg Seafood for US$989M
Deal worth nearly US$989 million includes two Canadian sites and one in Norway
NORWAY – Cermaq, the salmon farming company owned by Japan’s Mitsubishi Corporation, is set to purchase three processing plants from fellow Norwegian seafood company Grieg Seafood in a deal valued at around US$988.6 million (Nkr10.2 billion).
The acquisition includes one facility in Finnmark, Norway, and two others located in British Columbia and Newfoundland, Canada.
The sale, which also covers Grieg’s North American sales division, is part of a wider plan by Grieg Seafood to consolidate its operations within Rogaland, Norway.
According to Cermaq’s statement on July 17, the deal is pending regulatory approval in both Norway and Canada.
While the company did not disclose details regarding the types of operations conducted at the three plants, or whether any staff would be retained or let go, Cermaq said it is currently limited in what it can reveal due to the ongoing regulatory process.
In a separate statement, interim CEO Nina Willumsen Grieg confirmed the sale and described it as an opportunity to sharpen Grieg Seafood’s regional focus, particularly in Rogaland.
The company said it expects the transaction to be finalized in the last quarter of 2025, and plans to give a full update on its strategic direction when it publishes its second-quarter results on August 26.
In a filing to the Euronext stock exchange, Grieg Seafood clarified that its interests in joint ventures Tytlandsvik Aqua and Årdal Aqua are not affected by the sale.
Additionally, the company’s new value-added processing facility located in Gardermoen, Norway, will remain under its ownership.
Grieg Seafood has faced persistent challenges in Canada and Finnmark, which have strained its earnings in recent quarters.
The company’s first-quarter results, released in May, showed a 4.8% drop in revenue to US$211.2 million (Nkr2.18 billion), with harvest volumes slightly down to 20,770 tonnes GWT.
During the same period, EBITDA fell by 14% to US$36.9 million (Nkr381 million), and losses before tax widened to US$58.3 million (Nkr603 million).
Back in February, Grieg reported an annual net loss of US$237.1 million (Nkr2.45 billion), partly driven by a US$168.2 million (Nkr1.74 billion) impairment charge related to uncertainty in its Canadian operations.
Although overall sales for 2024 rose by 5.1% to US$714 million (Nkr7.38 billion), profit margins were under pressure, with EBITDA nearly halving from the previous year.
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