November 23, 2006

Norway's Greig Seafood to merge with Volden Group

Grieg Seafood AS and Volden Group would merge to form Grieg Seafood AS, the third largest fish farming company in Norway.

The new company will base its main activities in Rogaland, Finnmark and Canada, according to local media reports. It mainly farms salmon and trout.

The combined company aims to increase turnover by 50 per cent during the first three years of the merger.

The figure would not be difficult to achieve as analysts are predicting next year's production to be at 55,000 tonnes, double that of the 27,000 tonnes produced by the company this year.

This year's production looks to reach 27,000 tonnes of trout and salmon, but already in 2008 is estimated that the new company will reach a production of 55,000 tonnes.

Norway's two largest fish farming companies are PanFish and Leroey.