According to an agreement reached between Nordic Group and Domstein, Nordic Group will take over the fresh fish division of Domstein Fish in Trondheim by the end of the year. Once completed Domstein will own 20% of Nordic Group. The annual turnover of Nordic Group is estimated to reach NOK 800 mill after the restructuring is done and it will strengthen Nordic Group’s position as one of the leading exporters of whitefish products from Norway.
Nordic Group AS is headquartered in Trondheim, Norway with two subsidiaries in Boston, Nordic Group, Inc. and Nordic Fresh, Inc. The company is a global player in the seafood business with export and import of fresh and frozen fish primarily directed at markets in Europe and USA. The companies in the US are sourcing globally from Asia, South America, in addition to Norway and Canada.
Domstein ASA is a fishery and seafood company headquartered in Maaloy, Norway. The company consists of the whitefish company Domstein Fish AS with divisions in Maaloy, Raudeberg and Trondheim and of Domstein Sweden AB, a value added seafood company with divisions in Kungshamn and Lysekil in Sweden. Domstein also owns a considerable stake in the fishing company Ervik Havfiske and in the Norwegian seafood wholesaler Enghav AS.
Managing Director of Nordic Group, Richard Stien, commented on the news:
"We have great expectations for the new organization where we have brought together capable professionals from both companies for a stronger effort towards greater sales of whitefish from Norway in the years to come. We are strengthening our ability to do an even better job for our supply partners along the whole coast. Both Domstein and Nordic Group have deep roots in this industry and strong market positions . Our customers will be served with a greater variety of products and with the best service level possible. We are very pleased that we have reached this agreement with Domstein."
Managing Director Rolf Domstein of Domstein ASA added:
"I find it exciting to participate in developing a real powerful player in the white fish business. Norwegian whitefish is of high quality and is managed for sustainability. This is a very good starting point for strengthening our efforts with fresh fish both at home and abroad. Both companies bring experienced employees and I am certain that together we shall do a very good job for our customers and our suppliers."