Norway Seafoods is selling off its processing and sales operations in France for well over EUR 3 million (USD 4 million), according to the company.
The transaction involves Norway Seafoods selling its facilities in Boulgone sur Mer and Castets, equipment, inventory and agreements as well as customer contracts to French cooperative Groupe Coopératif Maisadour.
The deal is expected to be settled by cash payment in 4Q 2013. The final amount has not yet been settled, but the company estimates it will be between EUR 3.3 million (USD 4.4 million) and EUR 3.6 million (USD 4.8 million).
“We are pleased to have found a dedicated new owner, Groupe Coopératif Maisadour, for the processing and sales operations in France,” said Thomas Farstad, Norway Seafoods’ CEO. “The transaction will enable Norway Seafoods to dedicate more efforts into our core activities within primary processing of whitefish and associated sales activities.”
The facilities’ 230 employees are expected to transfer to Groupe Coopératif Maisadour.
The transaction follows a sale earlier this year of its trout farming activities to Group Aqualande. After the new transaction is complete, the company will only own a farming site for trout, a minority share in a French broodstock company for trout and the equity in a Spanish trout farming company. According to a Norway Seafoods statement, “the company contemplates to divest these assets.”
