Morpol has previously announced that its seabass and seabream (Culmarex) operations in Spain are held for sale pending a strategic review of the operations by the management. These activities were purchased as part of the Marine Farms acquisition in the last quarter of 2010.
Culmarex has an excellent position within the seabass and bream industry and has been one of the top performing companies over many years. Currently the markets and price levels for seabream are improving strongly. However, following the strategic review, the assets are confirmed as non-core to Morpol main activities and the Board has authorised a divesture process to start with immediate effect.
ABG Sundal Collier is appointed as financial advisor in the process.
For further information, please contact:
Steven Rafferty, Chief Financial Officer, phone +47 97 66 41 04
About Morpol
The Morpol Group is engaged in salmon processing as well as sale and distribution of finished salmon products. The Morpol Group's main products are: cold and hot smoked salmon, gravadlax, fresh salmon fillets, frozen salmon portions, organic salmon, wild salmon and salmon specialties. The Morpol Group also has salmon farming activities in Scotland since 2010 and Norway since 2011. The Morpol Group had revenue of approximately EUR 430 million in 2010.
Founded in 1996 in Ustka on the Baltic coast of Poland, the company employs over 3,000 people in eight countries. Morpol Group is the world leader in smoked salmon. The company has achieved its world leading position through the efficiency of processing activities, a constant focus on product quality and service provided to retail and food service customers. Morpol serves customers across Europe, Japan and the United States. www.morpol.com
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Source: The Morpol Group
