Marine harvest has received EU approval for it’s planned Morpol transactions 01 October, 2013 –
Marine harvest has received EU approval for itgs planned Morpol transactions which, says the company, is an important goal of becoming a fully integrated protein company.
Chief Executive of Marine Harvest, Alf-Helge Aarskog said: We are very pleased to announce that Morpol now will become part of the Marine Harvest Group, Morpol is well known as an innovative producer of value added seafood products. The products are characterized by outstanding and consistent quality backed by reliable year-round deliveries from a closely managed, fully traceable and sustainable supply chain.-Morpol offers complimentary benefits to today’s Marine Harvest. Morpol’s activities and large range of high quality products fit very well with Marine Harvest’s current processing business as well as our downstream strategy. Morpol will give our innovation and product development a strong boost. Together we can develop even more innovative and delicious seafood products for the consumer market, comments Alf-Helge Aarskog.Morpol will remain listed on the Oslo Stock Exchange for the time being under the ticker code MORPOL. With the approval of the transaction, Marine Harvest can exercise normal shareholder rights relating to its 87.1% ownership in Morpol ASA. The transaction complements existing production in Scotland with an increased production capacity of 6,000 tonnes and Norway with an increased capacity of 7,000 tonnes. In addition the transaction opens up valuable new geographical areas for Marine Harvest. Morpol is established in Troms County in Norway, which will be an important area for Marine Harvest to pursue future growth in farming capacity.As remedies for approving the transaction, Marine Harvest has agreed to divest farming capacity in Shetland with 11,000 tonnes and Orkney Islands with 7,000 tonnes. Furthermore, the company has agreed to divest freshwater capacity and primary processing plants in the same areas. Based on previous transactions, this was – as a measure of precaution – already anticipated by the company and a process to fulfill the remedies will be initiated. Marine Harvest Chairman Ole-Eirik Lerøy added: The purchase of Morpol is in line with Marine Harvest’s strategy of forming an innovative and integrated protein group. Our established position within salmon farming will be further complemented and our presence within value added processing activities will take a giant leap. The Board believes that this will provide significant operational benefits, as well as boosting and stabilizing the long term earnings power of the group. Marine Harvest Group will after the transaction count 10,200 employees. The production estimates for Marine Harvest Group for 2014 exeeds 400,000 tonnes.