April 15, 2010

Norwegian Aker Seafoods to embark on major restructuring

Aker Seafoods ASA is working on a plan to cultivate sales, marketing activities, distribution and processing in Norway, France and Denmark in a separate company.

If the plan is adopted, Aker Seafoods will emerge as a focused company for the catch of groundfish (cod, saithe and haddock). The company's plants in Norway, France and Denmark will be powered by a newly established subsidiary which will oversee and sharpen processing, sales, marketing and distribution lines of  the various plants.

Aker Seafoods want a greater focus on each of the Group's core areas to strengthen its activities within the overall catch of groundfish and processing.

The sketch of a refined and restructured Aker Seafoods has been presented to county officials and mayors of municipalities in northern Norway where the Group's land-based facilities are the cornerstone companies.

"We are looking into the possibility of separating a market-focused processing company. We are open to collaborate with partners and investors with expertise in the seafood market, sales and distribution. This is a strategy to break the trend of generally weak profitability in the processing industry," said Liv Monica Stubholt of Aker Seafoods.

All government regulations, including the license conditions and delivery commitments, will be observed in the company's re-organisation.