Icelandic Group fully owned by Vestia Holdings

February 16, 2010 15:44

Vestia Holdings ehf. (Vestia), a subsidiary of the Icelandic bank NBI hf., has assumed 100% ownership  of Eignarhaldsfelagið IG ehf. (IG Holdings ehf), the parent company of Icelandic Group. This will have no effect on Icelandic Group´s business activities or daily operations but provide strong support to the Group's management in realizing the company's full capabilities, reports with reference to Icelandic Group.

During the past 18 months Icelandic Group has demonstrated a significant turnaround in its operations following the restructuring of the Group's balance sheet in October 2008. The company has managed to actively reduce its working capital and significantly lower total debt, while at the same time notably increase its operational profitability and net income.

In the opinion of Vestia, Icelandic Group is uniquely positioned in the seafood sector with its international network of production and marketing companies, offering a wide variety of fresh, chilled and frozen seafood products and services. The ability to combine production and marketing capabilities on a global scale provides the Group with significant competitive advantages for further value creation in its field.

The change in ownership constitutes the final step in a planned process instigated in late 2008, the aim of which was to strengthen the financial foundations of Icelandic Group and clarify its ownership structure. The process has been carried out amicably and in good cooperation with the former owners of IG Holdings. Vestia will appoint a new chairman to the group's Board of Directors, but otherwise the composition of the board remains unchanged.

Vestia will in the coming months put considerable effort into identifying the full potential of the company while at the same time supporting the Group's management in executing the company's business plan. Based on that work Vestia aims to deliver in late Q3/2010 a considered proposal to its board on the divestment plans for Icelandic Group. When divesting of its assets, Vestia shall in general utilise an open tender process or stock exchange listing safeguarding transparency and equality among all bidders.
About Icelandic Group

The Icelandic Group hf. is a holding company in control of an international network of production and marketing companies that sell seafood products around the globe. With an annual turnover in excess of Euro 1 billion, Icelandic Group is one of the 10 largest seafood companies worldwide and one of the 5 largest in Europe. Icelandic Group has significant manufacturing operations in Europe, N-America and Asia. The Group employs approximately 3,900 people.

Founded in 1942, Icelandic Group builds on a long tradition of selling frozen fish from producers in Iceland and elsewhere. In several markets the company enjoys a prominent position of its brand ICELANDIC, especially within the food service sector. The company is also a major supplier to the retail sector through its branded and/or private label production.

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