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Thomas Farstad, new president and CEO of Aker Seafoods ASA. (Photo: Stock File)
Aker Seafoods to grow through two independent businesses
(NORWAY, 6/25/2010)
Thomas Farstad has been appointed the new president and CEO of Aker Seafoods ASA; its board has decided to expand the company through two independent businesses.
Farstad is now the post of acting chief executive in Marine Harvest, and will be joining Aker Seafoods this year.
Processing and sales will be demerged into a separate firm called Norway Seafoods AS. At its inception, it will be entirely owned by Aker Seafoods.
The transaction goes into effect from the end of this month through the beginning of July.
Farstad will lead Norway Seafoods.
Aker Seafoods' harvesting will remain a separate business area led by Trond Williksen, currently executive vice president for harvesting in the group. This business consists of 12 trawlers in Norway and two in Spain, with a total of some 400 employees.
Agreements between the two firms will be entered into at market terms and, in each of the companies, employee rights will be kept as they are. In addition, the Norway Seafoods personnel will have boardroom representation in Aker Seafoods.
Norway Seafoods will be financed on a standalone basis, even though focusing the business through two companies does not intrinsically produce the need for any additional financing.
The restructuring will make sure that Norway Seafoods is set up as a market-oriented processing business, which offers the basis to partake in the needed restructuring of the Norwegian seafood processing industry. Strategic collaboration with new partners and investors will be taken into account, and a stock market listing may be pertinent for the company in the longer term.
Norway Seafoods will be accountable for the operation of 11 facilities and fish receiving factories in Norway, three in Denmark and two in France. The firm will employ about 1,200 workers total, including 670 in Norway, and operating revenues exceeding NOK 2 billion (EUR 250.2 million) per year.
Related article:
- Aker Seafoods announces restructuring
By Natalia Real
[email protected]
www.seafood.media
Information of the company:
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Address:
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Fjordalléen 16 - Postboks 1301
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City:
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Oslo
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State/ZIP:
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(0250)
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Country:
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Norway
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Phone:
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+47 24 13 01 60
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Fax:
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+47 24 130 161
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E-Mail:
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[email protected]
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