Icelandic tech leader Marel is ready to acquire seafood processing systems specialist Valka, having reached agreements to acquire 90% of Valka shares.
The deal is subject to approval by Iceland’s anti-trust authority, expected to be completed later this year.
Remaining smaller shareholders also have the option to dispose of their shares on the same terms, and Marel aims to acquire the full 100% of Valka’s shareholding.
“We are excited to join forces with Valka, an innovative provider of advanced processing solutions for the fish industry. Valka is technologically very strong and has good insight into market needs,” said Marel EVP Guðbjörg Heiða Guðmundsdóttir.
“Together the companies will build on the best of both, increase scale, accelerate innovation and strengthen our combined offering to continue to provide our customers with best-in-class processing solutions in the growing food processing industry.”
According to Marel, the transaction will strengthen Marel's full-line offering to the fish processing industry and increase scale to serve customer needs better, while recognising the great potential for Valka’s products and technology in other protein industries.
Valka was established in 2003 and has successfully introduced several advanced fish processing systems, including waterjet cutting, trimming, and grading solutions for whitefish and salmon.
Following the acquisition, Valka founder and CEO Helgi Hjálmarsson takes on a role as Director of Solution Integrity within Marel.
“By joining Marel you could say we are moving back home because both companies share the same vision and passion for developing high-tech processing solutions that transform the way fish is processed in a sustainable way,” said Helgi Hjálmarsson, who left Marel back in 2003 after nine years there to set up Valka.
“Our combined product offering will make us stronger together and even better at providing full-line solutions for our customers. I look forward to start presenting those solutions to our current and new customers that we can service even better now with Marel's extensive global sales and service network. I am also really excited to start working on transferring Valka’s technology over to other industries where we see great opportunities. I am confident that by joining Marel, we are creating a winning team that is well equipped for greater success.”
