Icelandic Group buys saltfish company Published: 26 February, 2007
THE Icelandic Group, which owns Coldwater Seafoods and Seachill in the UK, has continued its expansion programme with another acquisition.
The Spanish subsidiary of the Reykjavik based group, Icelandic Iberica SA has purchased the entire share capital of Sirius efh, a marketing company specialising in salted products and offering a variety of traditional salted fish produced in Iceland.
The operation of Sirius has moved into Icelandic Groups headquarters in Reykjavik and Guðjón Ingi Guðjónsson will continue as the General Manager of the company. A statement said that within the organisational structure of Icelandic Group, Sirius will be a subsidiary of Icelandic Iberica in Spain.
Guðjón Ingi, a former business studies graduate, has been General Manager of Sirius since the company was founded in the year 2004.
Icelandic Iberica SA was set up in 1996 to look after customers in Spain, Greece, Italy and Portugal; offering seafood products caught mainly in Icelandic fishing grounds.
The company said: “Icelandic has become reference of quality in the market. Our mark means, in addition, an attention detailed to our clients. From the investigation of new products that cover the necessities with the different markets until the conception from specific services for each sector.”
This latest purchase is part of the Icelandic Group’s strategy of continued expansion into new growth markets. After a difficult period 18 months ago, caused partly by rising fish prices cutting into margins, the group has set out a comprehensive profits recovery strategy which has impacted on many of its divisions across the globe.
Much of its Grimsby based UK frozen fish production is being switched to a plant in northern France while the Humber operation concentrates on ready meals. Coldwater has also launched more than 20 new products. The company is closing a plant in Maryland and concentrating production at a more modern facility in Newport News, Virginia and there have been changes at its German operation.
The restructuring appears to be paying dividends, according to the third quarter results announced just before Christmas which showed group sales up 15 per cent to around £250million and sales for the first nine months up 24 per cent overall to around £775million. Figures for the entire year are expected to be published before Easter.
The company has already stated that the measures taken would continue to show improved results in the final quarter of 2006 and well into next year.
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