Sector News

Marine Harvest to acquire salmon farming operation in Eastern Canada

January 3, 2018
Food & Drink

Marine Harvest has announced its intention to purchase Northern Harvest, a Canadian farmed salmon supplier, for CAD 315 million (USD 251 million, EUR 209 million).

Northern Harvest operates its own broodstock, hatchery, farming sites and processing operations out of its headquarters in St. George, New Brunswick. The salmon farmer has 45 existing farming licenses in Newfoundland and New Brunswick, and has applied for an additional 13 licenses.

Norway-based Marine Harvest is one of the largest salmon farming companies in the world, with more than USD 1 billion (EUR 850 million) in sales in the third quarter of 2017.

“The acquisition supports Marine Harvest’s long-term strategy of being a world-leading and integrated producer of seafood proteins,” Marine Harvest said in a statement.

Northern Harvest, the first salmon farmer to achieve 4-star Best Aquaculture Practices certification under the Global Aquaculture Alliance’s BAP program, is expected to harvest 19,000 tons (GWE) of salmon in 2018.

Marine Harvest intends to pay for Northern Harvest in cash, using available credit lines under Marine Harvest’s existing revolving credit facility.

“The transaction is subject to approval by relevant competition authorities and customary closing conditions,” Marine Harvest said.

By Christine Blank

Source: Seafood Source

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