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Iceland Seafood International (ISI) plans to acquire Carr & Sons Seafood, a subsidiary of Sweden’s Mondi Group.

The publicly-listed Icelandic processor, based in the capital city of Reykjavík, said today (28 August) it has signed a letter of intent with Mondi to purchase Ireland’s Carr, which specialises in smoked salmon destined mainly for the retail sector for both branded and private-label products.

ISI expects to close the deal by the end of November based on a price tag of EUR6.5m (US$7.7m), although key terms for the proposed transaction have yet to be agreed.

Located in the village of Killala, County Mayo, Carr generated sales last year of EUR11.5m and a pre-tax profit of EUR0.9m, according to the statement. The seafood firm’s branded sales mainly consist of those from Nolan Seafoods, which was trading as Nolan’s Quality Seafood before a merger with Carr in 2019.

“Iceland Seafood sees the proposed acquisition of Carr & Sons as a great fit to the group’s strategy to focus on growing value-added activities in markets where we have a strong platform and market position,” it said. “The acquisition will further strengthen the group position servicing the Irish retail market.”

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By GlobalData

In March, ISI announced plans to merge its two UK operations and moving them into a newly acquired manufacturing site in Grimsby in eastern England. A month earlier, the company said it was merging operations in southern Europe.