Greece's Nireus acquires 17.9 pct of Norway's Marine Farms

The company stated that it has already expanded in Turkey and Spain through acquisitions and direct investment and that the profile of Marine Farms which produces Mediterranean fish in Spain and salmon in Scotland fits its expansion plans.

Marine Farms has developed verticalised structures in the production of Mediterranean fish farming (sea bass and sea bream) in Spain with annual production capacity of 7,200 tonnes and 15 million pieces of juveniles, as well as salmon in Scotland with a production capacity of 9,500 tones and 7.5 million pieces. In addition, the Company has started its activity for the production of the fish Cobia in Central America and in Asia (Vietnam), aiming at satisfying the rising demand of the American and Japanese markets. Its licenses refer to an annual production of 8,000 tones of Cobia. The Company is also active in the production of cod juveniles with a hatchery unit in Scotland with a production capacity of 3,0 million pieces. Marine Farms ASA had during 2006 a turnover of 71,9 million €, EBITDA of 19,9 million € and profits before tax of 13,3 million €.

The Nireus Group is the leader in Mediterranean fish farming, it is fully verticalised with an annual production capacity of 28.000 tones of market size fish, 210 million pieces of juveniles and 80.000 tones of fish feed. The Nireus Group, during 2006, had a turnover of 161,5 million €, EBITDA of 28,0 million € and profits before tax of 15,3 million €. The Nireus Group implements a development - investment plan in Turkey and Spain as well as plans for production of Cobia in Latin America. The Nireus Group has announced its expected targets for 2007, namely revenues of 230 million €, EBITDA of 41 million € and profit before tax of 25 million €. Nireus S.A. is listed on the Athens Stock Exchange.