Grieg Seafood CEO on Cermaq deal: ‘This transaction positions us for the future’
Grieg Seafood CEO Nina Willumsen Grieg has described the company’s NOK 10.2 billion ($989 million) sale of its Finnmark and Canadian operations to Cermaq as a strategic shift that will allow the company to concentrate resources in its Rogaland region in Western Norway.
“This transaction will position both Grieg Seafood and the regions for the future. It allows us to concentrate focus and resources in Rogaland. We aim to continue to be a strong actor in the advancement of sustainable aquaculture in Norway,” said Willumsen Grieg in a statement following the announcement.
Braking: Cermaq strikes billion-dollar deal for Grieg sites in Norway and Canada
Under the agreement, Cermaq will acquire Grieg Seafood Finnmark, Grieg Seafood British Columbia, and Grieg Seafood Newfoundland, along with Grieg’s North American sales organisation. The transaction is valued at NOK 10.2 billion ($989 million) on a cash- and debt-free basis and remains subject to regulatory approval.
Willumsen Grieg emphasised that the company sees strong cultural alignment between the two firms. “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. We are confident that the regions are in the best hands and that they will continue to create local value long into the future,” she said.
“Significant values have been created over many years. I want to sincerely thank all employees for their dedication to the company,” she added.
Grieg Seafood will now focus entirely on operations in Rogaland, where it is targeting a harvest volume of 30,000 tonnes in 2025.
