A logical step following the merger of all Spanish production into Barcelona earlier this year.
Iceland Seafood Ibérica, the Spanish subsidiary of Iceland Seafood International (“Iceland Seafood”) announces signing of an agreement to sell its Málaga based production and distribution company Elaboración de Congelados Málaga SAU (Ecomsa) to Aquamar Gold SL, an Andalusian seafood distribution company based in Malaga. The sale is a direct consequence of Iceland Seafood moving all its production in Spain to its Barcelona factory, after which Ecomsa became a focused distribution company in direct sales to restaurants and hotels mainly - which is a business outside the core strategy of Iceland Seafood Ibérica. In accordance with the sales and purchase agreement, 100% shares in Ecomsa are sold for €346k. Ecomsa sales in the first nine months of the year were €6.4m, and normalized loss before tax (excluding restructuring cost) amounted to €0.8m in the period.
Mar Advisors acted as exclusive financial advisor to Iceland Seafood International in this transaction.
Magnús B. Jónsson, Managing Director of Iceland Seafood Ibérica
“The sale of Ecomsa is a logical step in the voyage that Iceland Seafood Ibérica is set out on. After the merger of Iceland Seafood SL and Icelandic Ibérica the strategic decision to move all production to our Barcelona site was executed, creating a strong and modernized production hub for our South European business. The continuing task of improving production efficiency will now get an even greater focus, with the aim of servicing our customer base as best we can. This enhances our position as market leader for Icelandic Cod products in Southern Europe, which we are very proud of.”
3Q 2020 results and electronic Investor meeting
Iceland Seafood will publish its interim consolidated financial statement for 3Q and first nine months of 2020 after closing of markets on November 18th 2020. The company will host an online meeting for investors and market participants at 16.15, where management will present and discuss the results and outlook for the full year.
The meeting will be webcasted live in Icelandic. A link to the webcast and investor presentation will be provided before the meeting commence. Participants to the meeting can send questions in writing prior and during the meeting to the email firstname.lastname@example.org.
About Iceland Seafood International
Tracing its roots to 1932, Iceland Seafood is a worldwide sales, processing and marketing company for frozen, salted and fresh seafood. Headquartered in Reykjavík with operations in eight countries with over 700 employees, Iceland Seafood is a publicly traded company with its shares listed on Nasdaq Iceland. The Group generates annual sales of €450m across 45 countries.
Iceland Seafood International hf
Bjarni Ármannsson CEO, email@example.com