German processing machinery supplier Baader has announced plans to acquire a majority shareholding in Skaginn 3X, its Icelandic competitor next year.
Both companies are leading players in food processing engineering. Baader is one of the biggest providers of machinery for salmon processing, while Skaginn is known for its chilling and freezing solutions as well as food processing.
The transaction is subject to customary closing conditions and approval of relevant authorities.
Petra Baader, executive chairwoman, Baader, said: “We are happy to announce this joint venture and look forward to jointly offering our customers an even broader scope of superior solutions over the entire processing line.”
Ingólfur Árnason, owner and CEO of Skaginn 3X said: “The combination of the long-standing Baader engineering practices and our deep roots and expertise in Icelandic fisheries, will boost our joint development and innovation.”
Árnason will continue to serve as CEO of Skaginn 3X supported by his current management team, the companies said in a joint statement. After closing, a joint sales company will coordinate global sales activities with the existing Baader infrastructure, integrating also the Skaginn 3X sales force. Until closing and completion of the integration of Skaginn 3X, contacts and responsibilities in sales and distribution will remain unchanged.