Norway Seafoods completes sale of processing operations in France

Oslo, December 2nd, 2013: Norway Seafoods has in accordance with the agreement signed August 1st, 2013 completed its sale of processing operations in France to Groupe Coopératif Maisadour, a leading French Cooperative Company. The transaction includes the processing facilities in Boulogne-Sur-Mer and Castets, agreements, equipment and inventory as well as customer contracts. The agreement also comprises the transfer of 230 employees to Groupe Coopératif Maisadour.

The transferred assets and employees will form the basis of Delmas Poissons Et Marée – a wholly owned subsidiary of Groupe Coopératif Maisadour. The transaction is settled by cash payments of EUR 3.3 – 3.6 million depending on inventory level at closing.
Separately, Norway Seafoods has closed an agreement regarding 100 percent of the shares in Viviers de los Pirineos S.A, a Spanish farming company. The sale to Caviar Pirinea S.L was completed October30th, 2013. The transaction is settled by cash payments of EUR 0.8 – 1.1 million.
The net financial effect of the transactions is expected to be limited. The divestments will not have any significant impact on Norway Seafoods’ export of products from Norway and Denmark to France.
Following the above mentioned transactions and the previously announced transaction related to the trout farming operations in France, Norway Seafoods’ activity in France will be limited to the ownership of a minority share in a French brood stock company and the full ownership of the property on which the company operates. Norway Seafoods contemplates to divest these assets.

- We are pleased to successfully have divested the assets which we announced held for sale in the beginning of 2013. The transactions 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.

For further information, please contact:
Thomas Farstad, CEO, phone: +47 76 06 20 00
Anna Nord Bjercke, CFO, phone: +47 76 06 20 00

© Norway Seafoods | Buøyveien 7, 8340 Stamsund | Phone: +47 76 06 20 00 | Fax: +47 76 05 21 60 |

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