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Aker Seafoods Is Preparing To Restructure


NORWAY - Aker Seafoods ASA is working on a plan to cultivate sales, marketing activities, distribution and processing in Norway, France and Denmark in a separate company.

If the plan is adopted by the Board Aker Seafoods will emerge as a focused company for the catch of groundfish (cod, saithe and haddock). The company's plants in Norway, France and Denmark will be powered by a newly established subsidiary sharpening the processing, sales, marketing and distribution to European customers.

"Whitefish industry in general and the fillet industry in particular, must become more market oriented. Our plans can provide the basis for a reindustrialisering of an industry with greater potential than the current economic situation," says Liv Monica Stubholt of Aker Seafoods.

Aker Seafoods want a greater focus on each of the Group's core areas. This will strengthen Aker Seafoods' activities within the overall catch of groundfish and processing. An overall plan will be presented to the board before the summer.

The sketch of a refined and restructured Aker Seafoods is now presented to county officials and mayors of municipalities in northern Norway where the Group's land-based facilities are the cornerstone companies.

"We are looking into the possibility of separating a market-focused processing company. We are open to collaborate with partners and investors with expertise in the seafood market, sales and distribution. This is an offensive strategy to break the trend of generally weak profitability in the processing industry," said Ms Stubholt.

In the first phase, Aker Seafoods ASA to own the new marketing and processing company 100 percent. Such a reorganisation of the business will not create a new capital requirements.

"We can facilitate better management and a focus on processing together with our customers and potential new partners," said Mr Stubholt.

All government regulations, including the license conditions and delivery commitments, observed in an implementation of the reorganisation.