Seafood processor Iceland Seafood International has decided to merge units in southern Europe, a “vitally important market” for cod products from the Nordic country.

ISI is to combine Icelandic Ibérica and Iceland Seafood Spain “to create one strong organisation” in the region.

Icelandic Ibérica became part of ISI last year after the processor’s acquisition of Solo Seafood.

The companies have offices in the Spanish cities of Malaga, Barcelona and Vigo in addition to multiple smaller sales offices around the country and in Italy.

They also have production sites in Malaga and Barcelona, as well as in Argentina. The combined turnover of the units is around EUR180m.

ISI said the combination of the businesses had started “and will be disclosed and carried out in coming months”.

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By GlobalData

Hjörleifur Ásgeirsson, who established Icelandic Ibérica in 1996 will leave his position as MD of the business, having decided to retire, ISI said. Magnús B. Jónsson, the MD of Iceland Seafood in Spain, will lead the new combined company. He previously worked for Icelandic Iberica for almost 10 years.

Bjarni Ármannsson, the CEO of ISI, said: “This change is a logical step in our development in Southern Europe.