SalMar hooks controlling stake in family-owned farming company

Announcing its results for the third quarter of 2024, Norwegian salmon farming giant SalMar has confirmed it has acquired a controlling interest in Knutshaugfisk, a well-established family-run company in Central Norway.

The acquisition, achieved through a combination of shares and cash, will see SalMar benefit from Knutshaugfisk's 3,464 tonnes MAB in licenses and four salmon farming sites in production area six in Central Norway.

Owned by the Knutshaug family, Knutshaugfisk is based in Dolmøy in Hitra Municipality, with SalMar reportedly its principal client.

“Knutshaugfisk is a well-run family company with which we have developed a close and value-creating collaboration over many years," said SalMar CEO Frode Arntsen, presenting his firm's Q3 results.

"SalMar's acquisition of a significant stake in the company is a natural continuation of this collaboration," he added.

The transaction, subject to regulatory approval, is expected to conclude in January 2025, SalMar said.