The planned merger of Sildarvinnslan and SR-mjöl will result in a new European giant in the pelagic industry. The Boards of Directors of SR-mjöl and Síldarvinnslan have agreed to propose to idea to shareholders at the general meeting of each of the two companies on 6 and 7 March.
The merger will create a strong company with considerable potential for advancing into new areas as well as strengthening current operations for the future. The merged company will be named Síldarvinnslan hf. with headquarters in Neskaupstaður in Fjardabyggd. The general manager will be Björgólfur Jóhannsson who is the current general manager of Síldarvinnslan.
Síldarvinnslan is one of Iceland’s larger and stronger fishing companies with a workforce of about 260 and estimated turnover of ISK 4,500 million in 2002. Síldarvinnslan operates a technically sophisticated fish processing plant which is active in frozen groundfish and pelagic fish as well as salted herring. The company also operates a highly developed fishmeal and fish oil plant in the town of Neskaupstadur and a smaller one in Sandgerdi. Síldarvinnslan operates three vessels in pelagic fishing, one freezer trawler and one wetfish trawler. Aquaculture is also a steadily growing area of the company’s operation.
SR-mjöl is the largest Icelandic producer of fishmeal and fish oil. In fact, the company is the world’s largest single fish oil producer. The company operates five fishmeal and fish oil plants, located in Siglufjördur, Raufarhöfn, Seydisfjördur, Helguvík and Reydarfjördur. It has been decided, however, to close the Reydarfjördur plant after this year's winter capelin season. Furthermore, SR-mjöl is a shareholder in five fishing companies which specialise in pelagic fishing. The company runs a well-respected sales and marketing department which will become the basis of a new subsidiary after the merger. SR-mjöl has a workforce of 120 and last year’s estimated turnover was about ISK 6,000 million.
By FIS Europe