Grieg Seafood to focus production, resources on Western Norway

Grieg Seafood confirmed that it has signed an agreement to sell its businesses in Finnmark and Canada to Cermaq Group AS for NOK 10.2 billion on a cash and debt free basis. The deal includes Grieg Seafood Finnmark, Grieg Seafood Newfoundland, Grieg Seafood British Columbia as well as Grieg Seafood’s North American sales organisation.

It has retained its operations in Rogaland.

“This transaction will position both Grieg Seafood and the regions for the future. It allows us to concentrate focus and resources in Rogaland. We aim to continue to be a strong actor in the advancement of sustainable aquaculture in Norway,” Grieg Seafood CEO Nina Willumsen Grieg.

Cermaq is well positioned to take the Finnmark, Newfoundland and British Columbia regions further, she said.

“Cermaq shares our values of farming with the lowest possible environmental impact and highest possible fish welfare, as well as of respecting and contributing to the rural and Indigenous communities where the operations take place. We are confident that the regions are in the best hands and that they will continue to create local value long into the future. Significant values have been created over many years. I want to sincerely thank all employees for their dedication to the company.”

The deal is subject to customary closing conditions, including approvals by relevant competition authorities.

In Rogaland, Grieg Seafood is targeting a harvest of 30,000 tonnes in 2025.

Meanwhile, the Mitsubishi Corporation (MC), parent company of Cermaq, has advised that through the Grieg acquisitions, Cermaq’s production volume is expected to increase to approximately 280,000 tonnes in fiscal year 2027—about 1.4 times the volume produced in fiscal year 2024—further strengthening its position as one of the world’s leading salmon farming companies.

”Cermaq will leverage its accumulated expertise and technologies in aquaculture to create synergies with the acquired businesses. At the same time, MC will accelerate Cermaq’s global expansion by utilising its established business foundation in the food sector, aiming to build a safe, secure and sustainable food supply system,” it said in a statement.