SALMAR CFO TO STEP DOWN IN JUNE

Trond Tuvstein, SalMar CFO to step down in June. after notifying the company that he is to resign from his position. Tuvstein has been with SalMar since January 2012.

In a statement, SalMar said it had with regret accepted Tuvstein’s decision and will promptly start the process of recruiting his replacement. Tuvstein will stay with the company until the end of June 2019.

“SalMar thanks Tuvstein for his efforts and valuable contributions as part of the top management for over seven years,” says CEO Olav Andreas Ervik.

SalMar is one of the world’s largest and most efficient producers of farmed salmon and owns around 100 licenses for marine production of Atlantic salmon in Norway. Since its inception in 1991 SalMar has developed into a vertically integrated aquaculture enterprise, whose production stretches from roe/broodfish to the sale of finished products.

The company also owns 50% of Norskott Havbruk AS, which owns 100% of Scottish Sea Farms Ltd, the UK’s second-largest salmon farmer with production capacity in excess of 30,000 tonnes gutted weight.

SalMar – Q4 2018 Trading update

Harvest volumes in Q4 2018 are:

Farming Central Norway  (1000 tgw): 28.3

Farming Northern Norway (1000 tgw): 12.2

Total Q4 2018 (1 000 tgw): 40.5

The full Q4 2018 report will be released on 14 February 2019 at 06:30 CET.

SalMar was founded in February 1991 following the acquisition of a licence for the production of farmed salmon and a whitefish harvesting/processing plant from a company that had gone into liquidation. These events took place during one of the most turbulent periods in the history of the Norwegian aquaculture industry, which subsequently also led to the collapse of the fish farmers’ own sales organisation (Fiskeoppdretternes Salgslag AL) in November that same year. It was precisely this company’s failure, and the so-called salmon mountain, that helped lay the foundations for the secondary processing operations which are a cornerstone of the SalMar story. Up until then the vast majority of Norwegian salmon had been exported as fresh or frozen round gutted fish. This was the start of a major restructuring of the Norwegian aquaculture sector, which gradually led to a substantial increase in its level of industrialisation.

Since its inception in 1991 SalMar has developed into a vertically integrated aquaculture enterprise, whose production stretches from roe/broodfish to the sale of finished products. SalMar has gone from a single company with one licence for the production of farmed salmon in Norway, to an international concern with 100 fish farming licences in Norway and considerable shareholdings in the UK. Today, SalMar is Norway’s third largest producers of Atlantic salmon. During the same period the number of employees has risen from 25 to around 1000. In short, SalMar has made spectacular progress over the past 25 years, and is looking forward to an equally exciting period of development in the years to come.

Source