Marine Harvest, the world’s largest fish farmer, is seeking further takeovers as part of efforts to solve the industry’s health-related production issues amid increasing global demand.
The Bergen, Norway-based company bought 42.8 percent of Empresas AquaChile SA in January to consolidate a fragmented industry that has struggled to keep up with global demand driven by emerging markets. The company, controlled by billionaire John Fredriksen, plans to complete the merger with AquaChile in the third quarter.
“We’re looking into consolidation of farming in Norway and Chile and are interested in buying more farms,” Chief Executive Officer Alf-Helge Aarskog said in Oslo today after presenting fourth-quarter earnings. “The AquaChile merger doesn’t rule out more consolidation.”
The company sees demand growing in Asia and Europe, while Russia, which has imposed sanctions on Norwegian salmon, will continue to be weak.
“It’s actually our own capacity that sets the limit and we can sell salmon everywhere,” Aarskog said. “We adapt to the situation in Russia and sell to other markets.”
The company plans to expand in fish feed and fish products.
[Source: Bloomberg. Full article]