A new subsidiary will operate Aker's processing facilities in Norway, France and Denmark. (Photo: Aker Seafoods)

Aker Seafoods announces restructuring

NORWAY
Thursday, April 15, 2010, 02:20 (GMT + 9)

Aker Seafoods ASA is currently preparing a plan for the organization of sales, marketing, distribution and processing activities in Norway, France and Denmark into a separate company.

If the plan is approved by the Board of Directors, Aker Seafoods will focus solely on the harvesting of whitefish (cod, saithe and haddock).

Aker's processing facilities in Norway, France and Denmark will be operated by a new subsidiary, which will specialize on the processing, sales, marketing and distribution of products to European markets.
 
"The whitefish industry in general and the fish-filleting industry in particular need to become more market oriented. Our plans may prepare the foundation for a re-industrialization of a business sector with a higher potential than the current financial situation," says CEO Liv Monica Stubholt in Aker Seafoods.

A whitefish fillet (Photo: Aker Seafoods)

Aker Seafoods wants to put increased emphasis on each of the Group's core activities. This will strengthen Aker Seafoods' operations within the whitefish harvesting and processing industry. The complete plan will be presented to the Board of Directors before the summer.
 
The design of a focused and restructured Aker Seafoods will be presented to county council representatives and mayors in municipalities in North Norway where the Group's land-based facilities are cornerstone companies.
 
"We are considering our options in regards to forming a market oriented processing company. We are receptive to co-operation with partners and investors who possess knowledge about seafood marketing, sales and distribution. This is an offensive strategy which can be used to break the trend of a generally low profitability in the processing industry," says Stubholt.
 
Initially Aker Seafoods ASA will be the sole owner of the new marketing and processing company. Such a restructuring of the company will not result in a capital requirement.
 
"We are facilitating more efficient operations and a focus on processing in co-operation with our clients and any new partners," says Stubholt.

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