Bergen, Norway-headquartered salmon farming company Mowi has announced it is initiating a strategic review of its integrated Feed division. All available options will be assessed, including a sale, the company said.
In a statement, Mowi advised that in 2024, its Feed division generated operating revenues in excess of €1.1 billion and an operational EBITDA of €62 million. Its core assets include feed mills in Norway and Scotland with production capacity of 460,000 tonnes and 240,000 tonnes respectively, i.e. combined capacity of 700,000 tonnes.
These plants supplied practically all of the feed requirements of Mowi’s European salmon farming operations last year.
In total, Mowi’s Feed division employs 140 FTEs.
“In just a few years Mowi has grown from a 400,000 tonnes farmer to approaching a 600,000-tonne farmer with production in seven countries and 11 farming regions with all the complexity that entails. Mowi also has an extensive downstream business in 26 countries. In order to streamline our operations, we therefore feel the time is ripe to assess how our Feed division will be organised in the future,” said Mowi CEO Ivan Vindheim said.
Mowi has engaged Arctic Securities to assist with the review.
“While the company will now initiate a structured process, there is no certainty as to whether any transaction will arise, nor as to the terms thereof,” Mowi stated, adding that it will provide further updates as appropriate but does not intend to comment further on the process unless and until a definitive agreement is reached or the process is terminated.
