Mowi

Summary

Mowi ASA, a seafood company, produces and supplies farmed salmon products worldwide. The company operates through three segments: Feed, Farming, and Sales and Marketing. It is involved in the salmon feed production, salmon farming and primary processing, and seafood secondary processing activities. The company offers whole gutted fish, including Label Rouge and organic salmon; and white fish and other seafood products, as well as fillets, steaks, cutlets, portions, loins, kebabs, and steak combos. It also provides value added products, such as breaded, pre-fried, dusted, marinated, grilled, battered, topped, filled with sauce, delicatessen, fresh fish ready meal, and smoked fish products. The company offers its products under the Mowi, Mowi Salmon, Donegal Silver, Admiral's, Pieters, Laschinger, Kritsen, Ducktrap River, Harbour Salmon Co., Rebel Fish, Supreme Salmon, Olav's, Northern Harvest, and Mowi Nutrition brand names. The company was formerly known as Marine Harvest ASA and changed its name to Mowi ASA in December 2018. Mowi ASA was founded in 1964 and is headquartered in Bergen, Norway.


History

 

Constituent companies

Marine Harvest

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 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 . 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 GB£ 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

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

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 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 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.

Merger

Moves toward consolidation in the aquaculture sector were sparked by the activity of shipping magnate John Fredriksen, Norway's richest man before abandoning his citizenship of the country in 2006. Fredriksen's first major move into the industry came in the second quarter of 2005, when Domstein's 24% stake in Fjord Seafood was sold to his investment vehicle Geveran Trading. Around the same time, Pan Fish announced that two companies indirectly controlled by Fredriksen had acquired a combined 48% of the company's outstanding shares. In October of that year, with salmon prices high, Fjord submitted an offer for a majority stake in Cermaq to the Norwegian Government, which was preparing it for a public listing. However, as with the first merger attempt in 2002, Fjord failed in its bid—this time the offer was rejected by the Government.Fredriksen's efforts to effect change finally bore fruit in March 2006, as Geveran Trading succeeded in purchasing Marine Harvest from its joint owners for €881 million, before immediately turning ownership over to Pan Fish. Geveran also sold its stake in Fjord Seafood to Pan Fish simultaneously. With its remaining shares purchased by Pan Fish, Fjord Seafood de-listed from the Oslo Stock Exchange on 6 July 2006. With regulatory hurdles in the United Kingdom and France cleared, the Marine Harvest group was brought under the control of Pan Fish by the end of 2006. To allow the merger to go ahead, the sale of the former Pan Fish Scotland division was agreed with the regulatory authorities. After an initial deal to sell the unit to Norskott Havbruk, owners of rival company Scottish Sea Farms, was called off in July 2007, Pan Fish Scotland was spun off into a separate publicly traded entity, Lighthouse Caledonia, that November.Geveran Trading held a 28% stake in the company upon completion of the merger, a shareholding which has since increased to almost 30% as of March 2009.

Change in identity

With the creation of a much enlarged company complete, the Pan Fish management announced a complete change in its identity in December 2006. The firm's new brand was chosen to reflect each of its three main constituents: "Marine Harvest" was again revived as the new name for the company, and the Fjord Seafood slogan "excellence in seafood" and a reworked version of the Pan Fish motif were also included in the new logo. Atle Eide, CEO of Pan Fish from 2003, continued in his position, but resigned in September 2007 for personal reasons. Eide was replaced on an interim basis by Leif Frode Onarheim, before the CEO position was filled permanently by former GE Healthcare executive Åse Aulie Michelet in March 2008. Michelet was unexpectedly removed from her position in March 2010 and was replaced by former Lerøy Seafood CEO Alf-Helge Aarskog.

In recent years Marine Harvest has also purchased Morpol.

In November 2019, Mowi appointed Ivan Vindheim as its new CEO, replacing Aarskog.


Key Team

Mr. Ola Brattvoll (Chief Operating Officer of Sales & Marketing)

Mr. Oyvind Oaland (Chief Operating Officer of Farming Norway)

Ms. Anne Lorgen Riise (Chief Human Resource Officer)

Mr. Atle Kvist (Chief Operating Officer of Feed)

Mr. Benjamin Hadfield (Chief Operating Officer of Farming Scotland, Ireland & Faroes)

Mr. Fernando Villarroel (Chief Operating Officer of Farming Americas)

Kim Galtung Dosvig (Head of Treasury & Investor Relations Officer)


References
Mowi
Leadership team

Mr. Kristian Ellingsen (Chief Financial Officer)

Ms. Catarina Martins (Chief Sustainability Officer & CTO)

Products/ Services
Aquaculture, Farming, Food and Beverage, Marketing, Sales
Number of Employees
1,000 - 20,000
Headquarters
Bergen, Hordaland, Norway
Established
1964
Company Registration
SEC CIK number: 0001578526
Net Income
500M - 1B
Revenue
Above - 1B
Social Media
Fri Feb 23 2024
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