January 25, 2007

Grieg Seafood acquires Target Marine

Hoping to expand its presence in the British Columbia market, Grieg Seafood BC Ltd is purchasing the Target Marine Group of Companies's salmon farming sites on the Sunshine Coast and its processing facility in Egmont.

Target Marine is the largest producer of Coho Salmon in North America. The acquisition would more than doubles Grieg's full time employees, from 50 to 129 and add eight more licenses to Greig Seafood. The company now has 17 licenses.

The deal also includes the Egmont Fish Plant, which would expand Greig Seafood's processing capacity.

The Target Marine Group of Companies will retain ownership of its hatchery, as well as its sturgeon operations.

Peter Gibson, Managing Director, of Grieg Seafood BC, said the acquisition would enable the company to grow and to meet demand in the Canadian and US market.

Farmed salmon is British Columbia's largest agricultural export. In 2005, the region produced US$450 million worth of farmed salmon exported to the rest of Canada, the United States and Japan. Most aquaculture operations here are based in small coastal communities.

Grieg Seafood BC Ltd is British Columbia registered fish farming company based in Campbell River, British Columbia. The company harvested approximately 7600 tonnes of seafood in 2006.