September 5, 2007

Norway's Marine Harvest plans to double in size in 5 years

Norway's Marine Harvest aims to become a global seafood company and plans to double its size in five years.

This means a shift away from its traditional markets of northern Europe and Chile. 

The company's dominant position on the salmon market in Norway and Scotland, coupled with the disease problems in Chile, makes it difficult for the company to achieve further growth in these markets, according to owner Johan Fredriksen

To go global, the company also plans a break away from salmon, the mainstay species of the company. Marine Harvest would now farm other species such as tilapia, sea bass, sea bream and cod, and natural white fish.

The company would also focus more efforts on processing and distribution.