IN BRIEF - Trygg Pharma acquires Epax from Austevoll
NORWAY
Friday, September 03, 2010
Trygg Pharma AS – a company that will be jointly owned by Aker BioMarine ASA and an affiliate of Lindsay Goldberg LLC through a newly established joint venture company – has entered into an agreement to acquire 100 per cent of the shares in Epax Holding AS, a wholly owned subsidiary of Austevoll Seafood ASA. Epax is a premier high concentrate omega-3 supplement manufacturer and
employs a total of 74 people.
Trygg Pharma AS has agreed to pay NOK 561 million for the shares, and will in addition assume the net interest bearing debt of Epax. As of 31 December 2009, Epax’ net interest bearing debt was NOK 314 million. Trygg Pharma AS will receive the result from the operations in Epax from 1 January 2010. The purchase price will carry an interest of 6 per cent per annum from 20 September 2010 until completion of the transaction. In 2009, Epax’ revenues were NOK 315 million and EBITDA was NOK 90 million.
Under its new ownership, Epax will immediately invest significantly in expanding the capacity of the factory in Ålesund, Norway. Trygg Pharma will also strengthen its development and production site in Hovdebygda. Trygg Pharma’s proprietary technology will be deployed to enable manufacturing of the next generation of omega-3 concentrates, thereby realizing the synergies between the companies.
As part of the agreement between Trygg Pharma AS and Austevoll Seafood, Epax has entered into a long-term supply agreement with Austral S.A., a subsidiary of Austevoll Seafood. The agreement will secure supply of the highest quality crude fish oil, which is a prerequisite to manufacture Epax’ premium quality omega-3 supplements.
Sean Connick TD, Minister of State at the Department of Agriculture, Fisheries and Food has announced EUR 1.13 million in grant-aid for Irish Seafood Processing companies under the Seafood Processing Business Development Scheme, and a further EUR 623,620 for aquaculture companies under the Commercial Aquaculture Development Scheme. This represents a total investment of EUR 1.75 million in 15 seafood processing and aquaculture projects. Both schemes form part of the Seafood National Programme 2007-2013, funded under the National Development Plan 2007-2013. Development of both of these areas, seafood processing and aquaculture, are key elements in the recently published 2020 Food Harvest Report.
The Seafood Processing Business Development Scheme is aimed at SME’s who have solid business plans focused on adding value to Irish seafood products on both domestic and overseas markets. The qualifying projects all exemplify dynamic ideas in new product development and innovation. Grant-assistance of up to 25 per cent on capital expenditure required for the production of value added products and for improvements in processes and quality beyond legislative requirements is being provided.
The Commercial Aquaculture Development Scheme is aimed at assisting fish and shellfish farmers to invest in their businesses. The approved projects are examples of companies that are looking to improve their efficiency through technology transfer and have a strong focus on quality, matched with the demands of the market. The measure provides for grant aid of up to 40 per cent of eligible capital expenditure.
The opening by Cabinet Secretary Richard Lochhead of a new langoustine processing factory at Uddingston near Glasgow, on 22 September, marks a red letter day for the Scottish Fishermen’s Organisation (SFO) Ltd.
Operated by Braehead (SFO Enterprises) Ltd, the purpose built unit is fitted out with state of the art washing, grading, sorting, freezing and packing machinery, to maintain the high quality of product for which the SFO has gained a reputation. It will process langoustine from the Organisation’s members, for supply into the UK and export markets.
The factory replaces the SFO’s current premises on the nearby Motherwell Food Park, which have been running at capacity.
Thomas Farstad, coming CEO of Aker Seafoods ASA, purchased 28,000 shares in Aker Seafoods ASA on Wednesday, 22 September 2010. The shares are purchased at a price of NOK 7.20 per share. After the purchase Farstad's total shareholdings are 49,050. Gunnar Aasbø-Skinderhaug, CFO of Aker Seafoods ASA, purchased 20,000 shares in Aker Seafoods ASA on Wednesday 22 September 2010. The shares are purchased at a price of NOK 7.20 per share. After the purchase Aasbø's total shareholdings are 392,523. The shares are purchased through the company MobilMoteAS.
Rock lobster fishers are being urged to attend information sessions in preparation for the application of the new quota management system. Under the new arrangements, commercial fishers will be allocated a predetermined proportion of the total allowable catch of 5,500 tonnes.
Kim Colero from the West Australia Fishing Industry Council is urging fishers to work with authorities to ensure a smooth transition to the new system, reports ABC News.
"Well I expect there will probably be some teething problems but it's a very valuable fishery, so we really need to get out, talk to the people and try and understand what some of these problems may be, that haven't been been thought through at the present moment."
Hallmark Fisheries of Charleston, Oregon, is recalling numerous packaged crab meat products because of the possibility that they are contaminated with Listeria monocytogenes.
Listeria monocytogenes can cause serious and sometimes fatal infections in young children, frail or elderly people, and others with weakened immune systems. No illnesses have yet been reported, reports Reno Gazette-Journal.
The crab meat is sold under the Hallmark, Peacock, Quality Ocean International and Yaquina Bay brands in 5-pound cans, 1-pound vacuum packs, 1-pound plastic tubs and 8-ounce plastic tubs. It was distributed in Washington, Nevada, Oregon and California, primarily to food service companies.
Commenting on the Sea Fisheries Statistics for Scotland for 2009 released by the Scottish Government today, Bertie Armstrong, chief executive of the Scottish Fishermen’s Federation said:
“These figures serve to highlight the extremely important role commercial fishing plays in the Scottish economy, with the industry helping to support many communities around the coast.
“But of course the 2009 figures are now history. There are real challenges ahead, particularly regarding the likelihood of much reduced fish catching opportunities for 2011. This issue must be urgently addressed if there is to be any chance of the realistic retention of a viable whitefish and prawn fleet.
“The importance of mackerel to the Scottish industry underlines the need for international action to bring about an urgent cessation of gross over-catching by Iceland and the Faroes.”
The Aquaculture Stewardship Council (ASC) has announced the appointment of Accreditation Services International (ASI) as their independent accreditation body. According to the ASC, this demonstrates the ASC’s progress towards its core task, the management of its standards, developed by the Aquaculture Dialogues, and the implementation of a world class certification process for aquaculture.
Philip Smith, CEO of the ASC: “The appointment of ASI as our independent accreditation body marks an important milestone in our development. We are pleased that we can start working on the implementation of the Global Standards for Responsible Aquaculture in close cooperation with ASI. We are now in a position to set up an independent third-party verification scheme and work with producers and certification bodies to develop robust processes for certification against the standards.”
Three sets of Global Standards for Responsible Aquaculture have been completed by the Aquaculture Dialogues so far: for tilapia, pangasius and bivalves (clams, mussels, oysters and scallops). Standards for six other aquaculture species (abalone, freshwater trout, salmon, shrimp, Seriola and cobia) are expected to be finalised towards the end of 2010 or early 2011.
Victorian Abalone Divers Association Inc. (VADA) invites tenders or expressions of interest from suitably qualified and experienced persons or organisations for the development of a Blacklip Abalone Reseeding Program.
In May, 2006 the exotic disease known as Abalone Viral Ganglioneuritis (AVG) virus escaped from an aquaculture facility at Port Fairy. Since that time approximately 300 km of coast has been infected, with mortality rates in the natural abalone populations varying between 30 and 95 per cent.
There is a need to identify the possible methods of reseeding and the likelihood of success of each method.
Assist in the restoration / recovery of abalone stocks in the affected areas through the development of a reseeding program.
Tenders should provide information in relation to their experience in similar types of projects, methods of reseeding, costing, etc.
Aker Seafoods has received a claim from the administration committee of Glitnir for payment of NOK 99 million (EUR 12.575 million) in relation to an interest rate and currency swap agreement entered into in 2005. Aker Seafoods rejects the claim. As mentioned in Aker's prospectus dated 31 August 2009, the relevant swap agreement was terminated by Aker Seafoods in 2008.
Aker Seafoods said in a press release that it "remains of the opinion that we both had the right to terminate and that we properly have terminated the swap agreement pursuant to Icelandic law, and that we therefore have no obligation to make further payments under the swap agreement."
Northrop Grumman Corporation has announced that its Sperry Marine business unit has opened a new ship navigation training centre in Charlottesville, Virginia.
The new facility will provide a wide range of navigation courses, including computer-controlled classroom training and a full ship’s bridge simulator, giving students hands-on training under realistic scenarios. Courses include operation, maintenance, trouble-shooting and repair of shipboard systems for both civilian and military navigation systems. The facility is expected to serve approximately 750 students per year.
The navigation courses are designed to meet International Maritime Organization (IMO) standards and U.S. Coast Guard Standards for Training, Certification and Watchkeeping (STCW) certification, including Electronic Chart Display and Information Systems (ECDIS). They are taught by a staff of experienced certified instructors. Extensive maintenance and repair classes are also taught.