Divestment of marine savoury business

Rieber & Søn has signed an agreement to divest its marine savoury business located at Arna factory.

“The divestment is a part of Rieber & Søn’s strategic platform “Our Future” reviewing and focusing on what is our core business”, said CEO Patrik Andersson. “Rieber & Søn’s business platform is to develop branded consumer products for the food service and retail markets, and the marine savoury business refining raw material ingredients to industrial partners is not considered core.”

“We believe there is a limited potential for us to develop and expand within the marine business, and the new owner, Seagarden ASA, already focusing on marine savoury and bio-active ingredients is better suited to drive growth in the business”, said Andersson.

Seagarden will take over the marine savoury business at 1st of December. For twelve months the production will continue as today at Arna, and than inventory and production equipment will be transferred to Seagardens facilities at Avaldsnes.

Rieber & Søn’s marine savoury business has a turnover of nearly 30 MNOK in 2008. The divestment will give a positive net gain of 20 MNOK in Rieber & Søn, which will be taken as one-off item in fourth quarter 2009. The transaction will include product inventory, production equipment and technology, and distribution channels for all marine savoury ingredient product ranges. Rieber & Søn will be a 20% shareholder in Seagarden as a part of the transaction.