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Grieg Seafood acquires Target Marine

CAMPBELL RIVER - Grieg Seafood BC Ltd. (Grieg) is strengthening its investment in British Columbia with the purchase of Target Marine Group of Companies's salmon farming sites on the Sunshine Coast and itsprocessing facility in Egmont. Target Marine is the largest producer of Coho Salmon in North America.

The acquisition more than doubles Grieg's full time employee numbers, from 50 to 129 and brings the total number of salmon farm licences under Grieg's control to 17 from nine.

The deal also gives Grieg ownership of the Egmont Fish Plant, which will enable the company to increase its processing capacity. Grieg's current operations support 45 full-time employees at Walcan Seafoods Ltd., the single largest employer on Quadra Island.

The Target Marine Group of Companies will retain ownership of its hatchery, as well as its sturgeon operations.

"Target's commitment to sustainable aquaculture and to the communities in which they operate mirrors two of Grieg's core values," says Peter Gibson, Managing Director, Grieg Seafood BC. "The acquisition will enable us to grow and process more fish, to meet strong market demand for our product here in Canada and in the growing US market, and to strengthen our investment in B.C.'s coastal communities."

Since 1995 farmed salmon has been BC's largest agricultural export. In 2005, farmed salmon had a wholesale value of $450 million, providing a year-round supply of fresh salmon to fish counters, grocery stores and restaurants in Canada, the United States and Japan. Most aquaculture jobs are based in small coastal communities.

Grieg Seafood BC Ltd is a privately held BC registered fish farming company based in Campbell River, British Columbia. The company harvested approximately 7600 MT in 2006, or approximately 50 million portions of farmed Atlantic salmon. The company owns a hatchery in Gold River and invested over $11 million into that coastal community's local economy.

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