SIF sells entire holding in Iceland Seafood International and Tros – Fishupdate.com

SIF sells entire holding in Iceland Seafood International and Tros Published:  23 September, 2005

MAJOR Icelandic and international player SIF Ltd has completed the sale of its shareholding in Iceland Seafood International Ltd.

At the same time as the sale of Iceland Seafood International went through, SIF finalised the sale of all its shares in Tros, the Sandgerdi-based company specialising in fresh seafood exports.

As was reported in March this year, the original agreement provided for the sale of only 55% of SIF’s shareholding to new owners; this was subsequently changed to cover the entire holding in the company. The new owners are Ker, Bjarni Benediktsson, and Benedikt Sveinsson, and the sale date is 1 April 2005.

Iceland Seafood International was founded in November 2004 to handle SIF’s traditional marketing and sales of primary-processed seafood. It sells fresh, frozen and salted products from Icelandic producers through its international marketing network, with units based in Iceland, Britain, France, Lithuania, Poland, Greece, Canada, Italy and Spain.

As was described in the interim statements for Q1, SIF’s balance sheet strengthens considerably as a result of the sale, since its liabilities are reduced by about € 63 million. The sale will have a “minimal” effect on the Group’s P&L.

The sale of Iceland Seafood International represents a major milestone in the implementation of SIF’s strategy, in which the main emphasis is on the production of value-added foods for the European market, where the company is a leader in various categories of value-added festival foods and oven-ready dishes. SIF employs nearly 4,000 workers in five countries, with 12 production plants in France, England, Scotland and Spain.

SIF products are sold under the group’s own trademarks, Labeyrie, Blini, Delpierre, Skandia and Lyons Seafoods, and it also holds a strong position in supermarket brands in its market countries.

Sales by the SIF Group are estimated to reach about € 600 million during the current operational year (1 July 2005 to 30 June 2006).

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