Norwegian fish farmers go European

Fish farming companies Fjord Seafood and Domstein have agreed to buy the European seafood concern Pieters, headquartered in Brussels, for about USD 68 million (NOK 640 million).

The purchase through cash and loans will be carried out by forming a separate company owned 50% by each of the Norwegian aquaculture firms. The three-way alliance will have annual sales of about USD 553 million (NOK 5.2 billion), accounting for 10 percent of the global market in farmed salmon. The deal with Pieters will also give the Norwegian producers a European-based marketing foothold and access to European processing facilities.