FDBusiness.com

Origin Enterprises Disposes of Marine Proteins and Oils Interests

 Breaking News
  • HKScan Strengthens its Meals Offering With Investment in Estonia HKScan, the leading Nordic food company, plans to invest in its Rakvere unit in Estonia. The €8 million investment will go towards modernising the unit’s frying department, including the expansion of the building and the installation of new cooking and packaging lines enabling implementation of new technologies and packaging solutions. Construction is to commence in [...]...
  • Food and Drink is at the Heart of the UK’s Largest Packaging Show Packaging Innovations, Empack and Label&Print returns to Birmingham’s NEC on 28 February-1 March 2018, and is set to be the most innovative show to date. With over 290 exhibitors already signed up, the UK’s largest annual event for the entire packaging supply chain will feature the latest industry innovations and technologies, alongside a major free-to-attend [...]...
  • AGRO Merchants Group Acquires Grocontinental AGRO Merchants Group, a global leader in cold storage and logistics solutions, announced today the acquisition of UK-based Grocontinental Limited. This transaction reinforces AGRO’s position as the leading cold storage and logistics provider in the United Kingdom and Ireland, deepens its commodity expertise, and substantially enhances its value-added service offerings for customers. David Grocott and Linda Grocott, third generation owners of [...]...
  • Trade Fair and More – The Event and Congress Programme For Anuga FoodTec 2018 Resource efficiency will be the primary focus of Anuga FoodTec 2018, the leading international supplier fair for the food and beverage industry, which will be held in Cologne, Germany from 20 to 23 March 2018. Around 1,700 suppliers from more than 50 countries will be presenting their new products for the production and packing of [...]...
  • TINE to Invest €77 Million in New Jarlsberg Plant in Ireland TINE, Norway’s largest farmer-owned dairy co-operative, is to invest €77 million in a dairy with the capacity to produce 20,000 tonnes of Jarlsberg cheese a year. The goal is to secure and strengthen Jarlsberg sales outside of Norway as export supports are phased out in 2020. This will make export of Jarlsberg from Norway unprofitable. “Jarlsberg [...]...

Origin Enterprises Disposes of Marine Proteins and Oils Interests

Origin Enterprises Disposes of Marine Proteins and Oils Interests
July 04
11:04 2013

Origin Enterprises, the agri-services group, has agreed to dispose of its 50% interest in its Marine Proteins and Oils joint venture, Welcon Invest, to its joint venture partner Austevoll Seafoods for a cash consideration of NOK740 million (Eur93 million). The transaction is subject to a number of conditions including clearance from Competition Authorities and is expected to complete during the first half of our 2014 financial year.

Origin and Austevoll formed the Welcon joint venture in February 2009 following the merger of their respective Irish, UK and Norwegian fishmeal and fish oil operations, creating a European player in the manufacture and distribution of marine based feed ingredients.

Origin’s share of profit after interest and tax from Welcon averaged Eur8.4 million for the three years to 31 July 2012. Share of net assets at 31 January 2013 amounted to approximately €68 million.

The proceeds from the disposal will be used ultimately for investment in Origin’s core agri-services business. The agri-services business through its manufacturing and distribution operations in Ireland, the United Kingdom and Poland has leading market positions in the supply of specialist agronomy services, crop nutrition and feed ingredients.

Origin chief executive Tom O’Mahony says: “The transaction represents an important streamlining of Origin’s business profile in line with our commitment to prioritise the allocation of capital for the expansion and development of the group’s Agri-Services business. This is also a good outcome for Welcon. Austevoll’s position and proven track record as a leading integrated pelagic fishery specialist will bring further benefits to Welcon under their full ownership.”

About Author

mike

mike

Related Articles



Food & Drink Business Conference & Exhibition 2016

Upcoming Events

  • January 8, 2018RAI Exhibition
  • January 16, 2018Sival Plant Production Trade Show
  • January 17, 2018Dutch Organic Trade Fair
  • January 17, 2018Anfas Food Product
AEC v1.0.4

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber





Subscribe Here



Advertisements