NORWAY/SCOTLAND - Marine Harvest acquisition of Morpol gets green light
The EU Commission has approved the acquisition of Scottish salmon farmer and processor, Morpol, by Norway\'s salmon farming giant, Marine Harvest
The EU Commission has approved the acquisition of Scottish salmon farmer and processor, Morpol, by Norway\'s salmon farming giant, Marine Harvest.
Marine Harvest is to divest 18,000 tonnes of farming capacity in Shetland (11,000 tonnes) and Orkney Islands (7,000 tonnes), currently operated by Morpol as a condition of approval. In addition the company is to divest freshwater capacity and processing plants in the same areas.
\"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 Chairman Ole-Eirik Lerøy said.
The transaction also opens up new geographical areas for Marine Harvest. Morpol is established in Troms County in Norway, where Marine Harvest will pursue future growth in farming capacity.
After the transaction, Marine Harvest Group will have 10,200 employees. The company estimates 2014 production will exeed 400,000 tonnes.