FMC to sell omega-3 business to Pelagia
Pelagia is a leading producer of pelagic fish and marine protein and oils, processing ca 1.2 billion kilograms of pelagic fish per year. The company reports revenue of $0.7 billion in 100% owned companies. It has factories in the United Kingdom, Ireland, Denmark and Norway.
The Epax omega-3 product line will complement Pelagia’s existing product offerings, said Pelagia in a release, and add to the strategy of increasing its portfolio of value added products.
“The acquisition will give us access to production resources, networks and markets for refined marine oils for direct human consumption,” said Egil Magne Haugstad, CEO of Pelagia. “We hope and believe that we can create exciting synergies between the resources in Epax and the core strength of Pelagia. We expect, that parts of our fantastic North Atlantic fish oil product offerings can be further refined and gain direct human consumption market access through future and existing processes developed by Epax.”
“A strong strategic fit”
FMC, which reported revenue of $3.3 billion in 2016, acquired EPAX for $345 million in 2013. The terms of the transaction with Pelagia have not been disclosed. The deal will close in by the end of Q3 2017, subject to customary regulatory approvals and closing conditions..
Eric Norris, president, FMC Health and Nutrition, said: “We are pleased to sell our Omega-3 business to Pelagia AS, a leading manufacturer of pelagic fish products. We believe Pelagia provides a strong strategic fit for our Epax Omega-3 product line and will complement Pelagia's existing portfolio.”
