Norwegian company to buy 50% of Shetland Catch Published: 20 June, 2007
AUSTEVOLL Seafood ASA (AUSS) has announced that it has entered into a Letter of Intent with Shetland Catch (SCL) for the acquisition of up to 50% of the shares of the Lerwick-based pelagic processor.
The agreement is subject to board approval by the involved parties and a legal and financial due diligence process which will be completed by mid August.
Shetland Catch is the largest processing plant in Europe for pelagic fish with a processing capacity of around 1,000 tones per day, and an annual raw material intake of between 75,000 and 80,000 tones.
As part of the agreement a new sales company will be formed, the principal shareholders of which will be AUSS and Shetland Catch.
Austevoll Seafood is a pelagic fishery specialist with operations in Chile, Norway and Peru. It operates fishing vessels with quotas worldwide.