Cermaq is consolidating its Canadian operations under a newly created company as the salmon farmer continues the integration of the former Grieg Seafood British Columbia business.
Parent company Mitsubishi Corporation said Cermaq’s Canadian subsidiaries will be amalgamated into a new entity, Cermaq British Columbia Ltd., effective June 1. The new company will assume all assets, liabilities, rights and obligations of the existing businesses.
The restructuring follows Cermaq’s acquisition of Grieg Seafood’s operations in British Columbia and Newfoundland last year in a deal valued at approximately NOK 10.2 billion (€946 million).
Mitsubishi said the amalgamation is intended to improve the use of management resources and consolidate functions across Cermaq’s Canadian operations.
As part of the restructuring, CQ Canada Holding Ltd., Cermaq Canada Ltd. and Cermaq Seafood BC Ltd. will cease to exist, with their operations transferred to Cermaq British Columbia Ltd.
The company said the reorganisation is expected to have an immaterial impact on financial results.
