Norwegian plastics manufacturer Astorplast has brought in new investors as it seeks to strengthen its financial position following a challenging period for the aquaculture supply industry.
Investors Jon Inge Fylling Moltu, the Lillebø family and Daniel Remøy have acquired a 51% stake through holding company Northfjord, the company said in a press release issued on Wednesday.
Astorplast, which supplies products to the aquaculture and offshore sectors, said the transaction was intended to strengthen its capital base and support future growth.
The company said market conditions deteriorated following the introduction of Norway’s resource rent tax on salmon farming in 2023, which led to reduced investment activity across the aquaculture sector and affected demand for suppliers.
“At the same time, we wanted to bring in owners who could contribute useful expertise. We have been looking for investors since 2023 and have been in dialogue with several parties. Now we have finally reached the finish line with what I believe is a very strong team,” said chief executive Asgeir Djupvik.
According to Astorplast, the new shareholders bring experience from industry, maritime operations, technology development and shipping.
“Through the new ownership structure, we have covered the need for technical, financial, commercial and international expertise,” said new chairman Jon Inge Fylling Moltu.
The company said it will continue to focus on product development and market expansion within the aquaculture and offshore industries.
