Norway Seafoods sells processing operations in France
Norway Seafoods has entered into an agreement with Groupe Coopératif Maisadour, a leading French Cooperative Company, to sell Norway Seafoods processing and sales operations in France.
The transaction includes the processing facilities in Boulgone sur Mer and Castets, equipment, inventory and agreements as well as customer contracts. The agreement also comprises the transfer of 230 employees to Groupe Coopératif Maisadour.
The transaction is expected to be concluded during the fourth quarter of 2013 and settled by cash payment of €3.3-3.6 million, depending on inventory level at closing.
Earlier this year Norway Seafoods entered into an agreement with Groupe Aqualande S.A.S to sell most of its trout farming activities. This transaction was completed on 1 August. Following a sale of the French processing facilities and sales operations, Norway Seafoods activity in France will be limited to the ownership of a farming site for trout, a minority share in a French broodstock company for trout and all equity in a Spanish trout farming company.
The company says that the divestment of processing facilities in France will not have any significant impact on Norway Seafoods export of products from Norway and Denmark to France.