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Mowi
Mowi ASA (/ˈmoʊi/), known as Marine Harvest ASA until 2019 and as Pan Fish until 2007, is a Norwegian seafood company with operations in a number of countries around the world. The company's primary interest is fish farming, primarily salmon, the operations of which are focused on Norway, Scotland, Canada, the Faroe Islands, Ireland and Chile. The group has a share of 25 to 30% of the global salmon and trout market, making it the world's largest company in the sector. Mowi also owns a 'value added processing' unit, which prepares and distributes a range of seafood products, and a number of smaller divisions.
The company assumed its current form as a result of massive expansion in 2006, when Pan Fish ASA conducted an effective three-way merger with Marine Harvest N.V. and Fjord Seafood. The group is headquartered in Bergen and is listed on the Oslo Stock Exchange where it is a constituent of the benchmark OBX Index.
For 2023, the company reported revenue of €5.51bn (up 11% from 2022), net profit of €444.4M (down 43% from 2022) and a profit margin of 8.1% (down from 16% in 2022).
The first company to use the name Marine Harvest was founded in Lochailort, Scotland by Unilever in 1965 at the outset of the Atlantic salmon farming industry. Unilever had been developing farming methods at a research facility there. The company began operations in Chile in 1975, where fishmeal raw material, originally supplying the chicken protein farming industry, started developing alternative markets in salmon and shrimp proteins. In 1992, Unilever sold the business to Lord's Hanson and White, together with Ground Round restaurants, Tommy Armour golf clubs and a tuna processor in Long Island California. Marine Harvest International (MHI) IPO on the Amex made it the first pure aquaculture play on the global stock markets. Two years later Booker Plc took the company private with the MHI shrimp division, in Ecuador, being sold to Pronaca (an Ecuadorian feed company). With ownership of the company passing to Booker plc it was merged with Booker's aquaculture subsidiary, McConnell Salmon. After deciding to divest Marine Harvest McConnell so as to concentrate on its core cash and carry business in 1998, Booker eventually succeeded in finding a buyer in July 1999. The Dutch-based nutrition firm Nutreco acquired the unit for £ 32.7 million, adding it to its fish food and salmon farming unit. Nutreco's initial attempt to further expand into the fish farming sector by acquiring the seafood arm of Norsk Hydro was blocked on the recommendation of the United Kingdom Competition Commission in late 2000, but the deal was approved in March 2001 after Nutreco agreed not to acquire Hydro Seafood's Scottish assets.
Nutreco retained the name Marine Harvest for the unit's fish farming operations, and established interests in the emerging farmed cod, halibut, yellowtail and barramundi markets. In May 2005, Nutreco merged its fish-farming operations with the salmon, trout, halibut, tilapia, cod, sturgeon and caviar businesses of Stolt-Nielsen, creating a new stand-alone company, again named Marine Harvest. Nutreco held a 75% stake in the joint venture, with Stolt taking the remainder.
Pan Fish Holding AS was founded in 1992 with a strategy to acquire many fish farms domestically and abroad. By 1997 the firm had made numerous acquisitions and opted to list on the Oslo Stock Exchange as Pan Fish ASA. However, the company had borrowed heavily to finance its rapid growth—by the end of 2001, debts had reached over NOK 4.7 billion. When the market price of salmon collapsed in 2001, Pan Fish encountered extreme financial difficulties, posting a heavy loss in 2002, and having to sell off assets in order to repay creditors. A major refinancing operation implemented in late 2002 coincided with the dismissal of the entire board of directors, including founder and CEO Arne Nore. The company slowly recovered over the following years, returning to profitability in 2005.
Fjord Seafood has its origins in Torgnes Invest, a company founded in June 1996 which initially operated a single fish farm in the Norwegian town of Brønnøysund. Expansion over the following four years was aggressive—by September 2000, when Fjord Seafood (as it was now called) listed on the Oslo Stock Exchange, the company's portfolio comprised 60 ongrowing concessions, of which 50 were wholly owned, as well as a number of smolt and broodstock farms, slaughterhouses and processing factories. Fjord continued to conduct mergers and acquisitions - the purchase of Belgian fish-processing company Pieters N.V. in November 2000 was swiftly followed by the addition of ContiSea, the seafood joint-venture of ContiGroup and Seaboard Corporation.
As with Pan Fish, poor market conditions saw Fjord's share price worsen dramatically in 2001, and with it the ability to pay off its debts. The company's future was only secured thanks to a NOK 700 million bail out from major shareholders that September. Attempts to grow the company through merger and acquisitions were also frustrated—a planned merger with the aquaculture businesses of Domstein (then the biggest shareholder of Fjord) and state-controlled Cermaq was aborted in June 2002 after opposition from parties including ContiGroup and Seaboard, who controlled over 20% of shares between them. Nevertheless, Fjord stabilised its financial position through restructuring and cost-cutting measures.
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Mowi
Mowi ASA (/ˈmoʊi/), known as Marine Harvest ASA until 2019 and as Pan Fish until 2007, is a Norwegian seafood company with operations in a number of countries around the world. The company's primary interest is fish farming, primarily salmon, the operations of which are focused on Norway, Scotland, Canada, the Faroe Islands, Ireland and Chile. The group has a share of 25 to 30% of the global salmon and trout market, making it the world's largest company in the sector. Mowi also owns a 'value added processing' unit, which prepares and distributes a range of seafood products, and a number of smaller divisions.
The company assumed its current form as a result of massive expansion in 2006, when Pan Fish ASA conducted an effective three-way merger with Marine Harvest N.V. and Fjord Seafood. The group is headquartered in Bergen and is listed on the Oslo Stock Exchange where it is a constituent of the benchmark OBX Index.
For 2023, the company reported revenue of €5.51bn (up 11% from 2022), net profit of €444.4M (down 43% from 2022) and a profit margin of 8.1% (down from 16% in 2022).
The first company to use the name Marine Harvest was founded in Lochailort, Scotland by Unilever in 1965 at the outset of the Atlantic salmon farming industry. Unilever had been developing farming methods at a research facility there. The company began operations in Chile in 1975, where fishmeal raw material, originally supplying the chicken protein farming industry, started developing alternative markets in salmon and shrimp proteins. In 1992, Unilever sold the business to Lord's Hanson and White, together with Ground Round restaurants, Tommy Armour golf clubs and a tuna processor in Long Island California. Marine Harvest International (MHI) IPO on the Amex made it the first pure aquaculture play on the global stock markets. Two years later Booker Plc took the company private with the MHI shrimp division, in Ecuador, being sold to Pronaca (an Ecuadorian feed company). With ownership of the company passing to Booker plc it was merged with Booker's aquaculture subsidiary, McConnell Salmon. After deciding to divest Marine Harvest McConnell so as to concentrate on its core cash and carry business in 1998, Booker eventually succeeded in finding a buyer in July 1999. The Dutch-based nutrition firm Nutreco acquired the unit for £ 32.7 million, adding it to its fish food and salmon farming unit. Nutreco's initial attempt to further expand into the fish farming sector by acquiring the seafood arm of Norsk Hydro was blocked on the recommendation of the United Kingdom Competition Commission in late 2000, but the deal was approved in March 2001 after Nutreco agreed not to acquire Hydro Seafood's Scottish assets.
Nutreco retained the name Marine Harvest for the unit's fish farming operations, and established interests in the emerging farmed cod, halibut, yellowtail and barramundi markets. In May 2005, Nutreco merged its fish-farming operations with the salmon, trout, halibut, tilapia, cod, sturgeon and caviar businesses of Stolt-Nielsen, creating a new stand-alone company, again named Marine Harvest. Nutreco held a 75% stake in the joint venture, with Stolt taking the remainder.
Pan Fish Holding AS was founded in 1992 with a strategy to acquire many fish farms domestically and abroad. By 1997 the firm had made numerous acquisitions and opted to list on the Oslo Stock Exchange as Pan Fish ASA. However, the company had borrowed heavily to finance its rapid growth—by the end of 2001, debts had reached over NOK 4.7 billion. When the market price of salmon collapsed in 2001, Pan Fish encountered extreme financial difficulties, posting a heavy loss in 2002, and having to sell off assets in order to repay creditors. A major refinancing operation implemented in late 2002 coincided with the dismissal of the entire board of directors, including founder and CEO Arne Nore. The company slowly recovered over the following years, returning to profitability in 2005.
Fjord Seafood has its origins in Torgnes Invest, a company founded in June 1996 which initially operated a single fish farm in the Norwegian town of Brønnøysund. Expansion over the following four years was aggressive—by September 2000, when Fjord Seafood (as it was now called) listed on the Oslo Stock Exchange, the company's portfolio comprised 60 ongrowing concessions, of which 50 were wholly owned, as well as a number of smolt and broodstock farms, slaughterhouses and processing factories. Fjord continued to conduct mergers and acquisitions - the purchase of Belgian fish-processing company Pieters N.V. in November 2000 was swiftly followed by the addition of ContiSea, the seafood joint-venture of ContiGroup and Seaboard Corporation.
As with Pan Fish, poor market conditions saw Fjord's share price worsen dramatically in 2001, and with it the ability to pay off its debts. The company's future was only secured thanks to a NOK 700 million bail out from major shareholders that September. Attempts to grow the company through merger and acquisitions were also frustrated—a planned merger with the aquaculture businesses of Domstein (then the biggest shareholder of Fjord) and state-controlled Cermaq was aborted in June 2002 after opposition from parties including ContiGroup and Seaboard, who controlled over 20% of shares between them. Nevertheless, Fjord stabilised its financial position through restructuring and cost-cutting measures.