Norwegian fish farming company Pan Fish has said that its wholly-owned subsidiary Pan Fish Scotland has agreed to acquire the Scottish fish farming company Murray Seafood.

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The transaction is worth a total of NOK64m (US$9.9m), including debt. Pan Fish said the acquisition will boost Pan Fish’s annual output by at least 2,500 tonnes round weight. At the end of the first half of 2005 Murray Seafood had harvested some 1,250 tonnes of fish, and reported an operating profit (EBIT) of NOK4m.


In addition to increased production, Pan Fish Scotland will gain full control over a fjord area in which the company already has a substantial presence. This provides the basis for reliable and safe expansion of biological production in the area, as well as affording considerable synergies with Pan Fish Scotland’s existing production, logistics, harvesting and sales activities, the company said.


Pan Fish also said that Pan Fish Scotland has agreed to acquire the Scottish smolt (young salmon) producer Corrie Mhor. The transaction is worth a total of NOK55m, including debt. Corrie Mhor produces almost 4.5 million smolt per year. The acquisition will make Pan Fish Scotland self-sufficient in smolt, enabling the company to cut its smolt costs by up to 50%.


Pan Fish said access to high quality smolt is one of the most critical factors for achieving high quality and low costs when farming salmon, and that the acquisition is in line with the company’s strategy of becoming the lowest-cost supplier of farmed salmon.

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Following both acquisitions, Pan Fish Scotland will become a completely integrated producer of salmon from smolt to customer, with a target annual production of over 30,000 tonnes round weight in 2007/2008.