Benchmark buys remaining interest in Iceland salmon egg subsidiary

The AIM-traded company said the acquisition was part of its strategy to further strengthen its position as a “global leader” in the production of specialist, biosecure salmon eggs.

Benchmark Genetics Iceland, which supplies salmon producers in around 35 countries with year-round biosecure salmon eggs, represented 50% of the group's salmon egg capacity.

Its growth was spurred by the recent construction of a new incubation centre, which enhanced the company's ability to meet growing demand for its products.

Benchmark Genetics Iceland was acquired by Benchmark in 2014, when the company bought an 89.48% stake in Stofnfiskur, which was later rebranded and merged with the firm’s salmon genetics business in Norway.

“Benchmark's genetics operations in Iceland have a 200 million egg capacity and are core to our ability to supply highly biosecure salmon eggs year round to customers around the world,” said chief executive officer Trond Williksen.

“The acquisition of the remaining minority interest is a natural step in delivering shareholder value through full ownership of the success of our genetics business.”

At 0928 GMT, shares in Benchmark Holdings were down 2.85% at 36.62p.

Reporting by Josh White for Sharecast.com.