Lighthouse Caledonia is breathing new life into its business by changing its name and reopening a plant. (Photo: Lighthouse Caledonia)

Salmon farming firm changes name, reopens plant

Scottish salmon farmer Lighthouse Caledonia has changed its name to The Scottish Salmon Company.

The company, with headquarters in Edinburgh and farms across west Scotland, was rescued by an investment deal worth GBP 17 million (EUR 20.3 million). It then reported a record set of profits.

The firm, which began trading under its new name on Oslo's stock exchange last week, will re-open a plant on the island of Stornoway and begin production there in the autumn.

Seventy new jobs will come of the move. Some 130 workers were laid off when the Stornoway plant was put aside in December 2008.

Employing 70 staff would "meet immediate demand for processing on the island" but "as part of the growth plans, [the company] will be looking to increase that number in that time," a spokesperson for the company said.

Scotland's Environment Minister Roseanna Cunningham has expressed support for the firm's decision to be rebranded. She said aquaculture is a key asset to the rural economy of Scotland, reports BBC News.

"Primary salmon production each year generates more than GBP 35 million (EUR 41.8 million) in local wages primarily in the Highlands, Shetland, Argyll and Bute, Western Isles and Orkney," she expounded.

"I launched the government's Fresh Start Framework last year to tackle a number of issues facing the industry and to help create a sustainable way forward. Better marketing of farmed fish, along with measures to manage planning and development and encourage training and development, are all part of Scotland's aquaculture future," Cunningham stated.

The Stornoway was closed in 2008 due to the company’s financial difficulties. Private-equity firm Northern Link granted the business a cash injection and took a stake of more than 50 per cent in the company.

Northern Link is still the majority shareholder in The Scottish Salmon Company, listed on the Oslo Axess exchange as SSC.

The board of directors of The Scottish Salmon Company resolved last week to conduct a forced takeover (squeeze-out) of the remaining shares in Lighthouse Caledonia ASA not already owned by The Scottish Salmon Company Ltd. Thus, The Scottish Salmon Company Ltd now owns all issued and outstanding shares in Lighthouse Caledonia ASA.The offer price per share was NOK 0.33 (EUR 0.041).

The Scottish Salmon Company Limited focuses on the development of Scottish salmon. It has 35 salmon farms running located on the Hebrides and West Coast of Scotland, with a current potential harvest volume of some 24,000 tonnes per year.

Related article:

- Lighthouse Caledonia triples harvest volume

By Natalia Real
editorial@seafood.media
www.seafood.media

Address:	Drammensveien 147 B
City:	Oslo
State/ZIP:	(0277)
Country:	Norway
Phone:	+47 903 61 111
E-Mail:	post@lighthousecaledonia.com
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