May 21, 2007

Greece's Nireus buys up more of Marine Farms

Greece's largest fish farming business Nireus, now owns a 30-percent share of Norwegian fish producer Marine Farms.

Greek investors now own a total of 33.34 percent, of the company.

Nireus has expanded its production internationally through acquisitions and direct investments, with key deals in Spain and Turkey.

The company said it latest acquisition would increase the range of products it offers, such as adding new fish varieties like salmon, cod and cobia.

Nireus produces 52,500 tonnes of fish annually.

Marine Farms' specializes in aqua technical and biological know-how. Its business mainly consists of salmon farming in the UK and seabass / seabream in Spain with both activities conducted through fully integrated companies. Both businesses are among the most profitable in their respective markets. Besides operating a cod hatchery in the UK, Marine Farms ASA is also engaged in farming of the fast growing marine species cobia in the US and Vietnam.