Lerøy Seafood Group ASA (LSG) has agreed to purchase 50.1% of the shares in Rode
Beheer BV (Rode) in The Netherlands for MEUR 15.0. Rode is one of the leading
producers of processed seafood in The Netherlands, including a wide range of
smoked, marinated and freshly packed products, as well as frozen products
manufactured using Norwegian salmon. With its well established customer network
within European grocery chains, as well as airline and other large-scale
catering operations, Rode is a company that fits well with LSG's strategy to
develop the Group's global sales network. In 2010 Rode had a turnover of MEUR
50.6 with an operating profit of MEUR 3.9 and profit after tax of MEUR 2.8. The
company has 87 employees and is located in the town of Urk. LSG and Rode have
been co-operative partners for many years, and LSG is looking forward to working
with Rode's skilled managers in order to develop the company further.
The decision to become the majority shareholder in Rode is an important step in
the continued development of LSG's market strategy aimed at concentrating on
independent local units centrally placed in important seafood markets. Proximity
to the market offers opportunities for greater flexibility and improved service
in relation to the Group's customers. With its central location, Rode is well
suited as a supplier of high quality seafood to customers in important markets
such as the Benelux countries, Germany and France. The acquisition will also add
a broader product range to our already established European sales and
distribution network.
With this, LSG has consolidated its position as a major actor in the market for
smoked and marinated products. It has a total capacity of more than 12,000
tonnes of finished goods and owns plants in Norway, Sweden, Turkey and now also
in The Netherlands. The Group's national and international network of processing
plants will thus have an annual raw materials requirement of more than 60,000
tonnes of salmon and trout. In 2011 Lerøy Seafood Group will produce a total of
155,500 tonnes (gutted whole fish) of salmon and trout in Norway and Scotland.
With this acquisition LSG will have established sales/distribution and
production facilities in Norway, France, Sweden, Finland, The Netherlands, Great
Britain, Portugal, Turkey, USA, Japan and China.
The agreement has been entered into subject to the completion and Board approval
of due diligence.
Contacts:
Helge Singelstad, Chairman of the Board, +47 91 66 10 01
Henning Beltestad, CEO, +47 911 43 545
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
[HUG#1559377]
Leroy Seafood Group ASA is a Norway-based company active in the seafood industry. It is actively involved in every stage of the production of salmon and trout, and in catches and processing of whitefish and shellfish. The Company is engaged in the farming, processing, packaging and marketing of seafood. The Companyâs operations are divided into three business segments: The Wild Catch segment comprises businesses acquired in 2016, when Lery Seafood Group became the sole owner of both Havfisk AS and Norway Seafoods Group AS; The Farming segment comprises the Group's production of salmon, trout and cleaner fish up to the time of harvest; and The VAP, Sales & Distribution segment, that is mainly involved in processing salmon and trout. The Company has production and packaging plants in Norway, Sweden, Denmark, Finland, France, the Netherlands, Portugal, Spain, Italy, Turkey and Shetland Islands.
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