The JV was set up by Kverva Technology and Frøyaringen, the respective owners of Steinsvik Group AS and Aqualine AS. Kverva Technology owns 90.1 per cent of the new company while Frøyaringen owns the remaining shares.
Both Steinsvik Group and Aqualine will remain as companies in their own right after the transaction, in their own premises and pursuing their own business activities, but the joint venture is designed to strengthen their research and development activities within aquaculture. Both companies will be able to complement each other with their ranges of products and services, and their geographical locations. The new company is expected to be registered as soon as the necessary approvals from the competition authorities and remaining due diligence procedures are in place.
"It was important to us that the companies had a common value set, focusing strongly on skills and innovation,” states Terje Eidesmo, CEO of Kverva Technology. “Steinsvik believes in improving current aquaculture technology, and we found the same creative desire in Aqualine. That gives us every reason to believe that we can join forces to help fish farmers to become even more cost-effective and productive."
"We have lofty ambitions, and are certain that the partnership will make a positive contribution to developing the industry,” says Trond Lysklætt, CEO of Aqualine. “Aqualine and Steinsvik have been leaders within their own fields of aquaculture technology, and we believe that we will complement each other and will be stronger together. That provides the basis for even more investment in research and development, focusing on cohesive, all-round solutions."Aquaculture equipment manufacturers Steinsvik Group and Aqualine have become united in a new joint venture company, with a projected turnover exceeding NOK 1.5 billion and 700 employees.