Aker Seafood demerged

The Board of Aker Seafood has resolved to continue developing the Norwegian seafood group through two independent businesses. Thomas Farstad has been appointed new president and CEO.

Processing and sales will be demerged into a separate company under the name Norway Seafoods AS. At its creation, this company will be wholly owned by Aker Seafoods.

The transaction takes effect from the end of June/beginning of July.

Norway Seafoods will be under the leadership of Thomas Farstad. Mr Farstad is currently holding the post of acting chief executive in Marine Harvest, and will be joining Aker Seafoods during the course of the year.

Harvesting will remain a separate business area in Aker Seafoods under the leadership of Trond Williksen, currently executive vice president for harvesting in the group.

This business comprises 12 trawlers in Norway and two in Spain, with a total of approximately 400 employees. Operating revenues are about NOK 600 million per year. The restructuring does not impact delivery obligations for trawlers and other licensing terms.

Norway Seafoods will be responsible for operation of 11 factories and fish receiving facilities in Norway, three facilities in Denmark and two in France. The company will have about 1 200 employees in all, including 670 in Norway, and operating revenues in excess of NOK 2 billion per annum.

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