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Norway Seafoods Sells Processing Operations in France

13 August 2013

FRANCE - Norway Seafoods has entered into an agreement with Groupe Coopératif Maisadour, a leading French Cooperative Company, to sell Norway Seafoods processing and sales operations in France.

The transaction includes the processing facilities in Boulgone sur Mer and Castets, equipment, inventory and agreements as well as customer contracts. The agreement also comprises the transfer of 230 employees to Groupe Coopératif Maisadour.

The transaction is expected to be concluded during the 4th quarter of 2013 and settled by cash payment of €3.3 – 3.6 million depending on inventory level at closing.

Earlier this year Norway Seafoods entered into an agreement with Groupe Aqualande S.A.S to sell most of its trout farming activities. This transaction was completed on August 1. Following a sale of the French processing facilities and sales operations, Norway Seafoods activity in France will be limited to the ownership of a farming site for trout, a minority share in a French broodstock company for trout and all equity in a Spanish trout farming company. The company contemplates to divest these assets.

Norway Seafoods will reverse an earlier write down of NOK 4 million in the accounts for the second quarter of 2013 as a consequence of the agreement. The financial effect of the transaction at completion is expected to be limited and depend partly on the financial result in the period, final purchase price, tax effects from the transaction and currency developments.

The divestment of processing facilities in France will not have any significant impact on Norway Seafoods export of products from Norway and Denmark to France.

"We are pleased to have found a dedicated new owner, Groupe Coopératif Maisadour, for the processing and sales operations in France. The transaction will enable Norway Seafoods to dedicate more efforts into our core activities within primary processing of whitefish and associated sales activities," says Thomas Farstad, CEO at Norway Seafoods.

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