Faroe Islands-based pelagic fishing company Christian í Grótinum has confirmed that it has sold the rights to produce mackerel in Germany to Danish company Sæby Fisk-Industry.
In an interview with Kvf.fo, Jan Petersen, CEO at Christian í Grótinum, pointed out that the rights were sold due to tough competition and low prices.
However, Petersen also pointed out that the sale is not going to have a negative impact on the business association.
The rights were reportedly sold for more than DKK 10 million.
Christian í Grótinum bought two processing factories in Germany in 2015. This happened after Larsen Danish Seafood A/S went bankrupt in 2014 with debts totaling DKK 59 million. Larsen Danish A/S continued production at its facilities in Germany, and Christian í Grótinum then bought the Danish company out of administration for an undisclosed sum.
Jan Petersen told SeafoodSource.com as of 9 February 2015 that contracts with the insolvency administrator were signed on 5 February 2015.
– We have bought the factories in Harrislee and Bremerhaven as well as the brand, said Petersen in 2015, according to SeafoodSource.com.
Petersen added that…
– For some time we have been looking for opportunities to implement our vertical integration strategy. When we learned that Larsen had entered the insolvency process we decided to take a look at it and see if it would work for us.
Image credits: Dávur Winther