August 28, 2007

Norway's Austevoll Seafood ASA acquires stake in Shetland Catch Ltd

Norwegian company Austevoll Seafood ASA said on Monday (27 August) that it has acquired a 25 percent stake in Shetland Catch Ltd for GBP1.5 million.

The agreement also gives Austevoll Seafood the option to increase its stake to 50 percent.

Shetland Catch, located in Lerwick in the Shetland Islands, is Europe's largest processing plant for pelagic fish, with a daily capacity of 1,000 tonnes, and with an annual raw materials intake of 75,000-80,000 tonnes.

Austevoll Seafood, headquartered in Norway, is a globally integrated pelagic fishery group which operates fishing vessels with quotas worldwide. The company is listed on the Oslo Stock exchange.