The History of Bakkafrost
Acquisition of fishmeal, -oil and feed producer Havsbrún, including its farming subsidiaries. Bakkafrost grows significantly on the Faroe Islands in line with the Groups strategy. Bakkafrost controls now the entire value chain from production of own salmon feed to value added salmon products (VAP). The estimated overall farming capacity increases to 52,000 tonnes gwt per year. The salmon feed capacity is 600 tonnes per day and capacity to produce fish meal and oil is 2,400 tonnes of industrial fish per day.
Merger with P/f Vestlax Holding finalised. The merged company produced 30,650 tonnes gwt in 2009, and the estimated overall capacity is 37,000 tonnes gwt per year. Listed on Oslo Børs in March 2010.
Best year ever in terms of produced volumes, revenues and operating profit. Decision made to list the company at Oslo Børs during 2010.
The shareholders of Bakkafrost and Vestlax agreed to merge the companies. The merger was scheduled for 1 January 2010. P/f Vestlax Holding’s shareholders agreed to be remunerated in Bakkafrost shares. The Vestlax Group had a capacity of 11,000 tonnes gwt salmon and trout and a processing plant located in Kollafjørð.
In 2006, the Group grew through acquisitions and mergers, and increased its farming capacity by 15,000 tonnes gwt, to a total capacity of 18,000 tonnes gwt of salmon. The Group gained access to six new fish farming fjords and two hatcheries for production of smolts and fry. The Group made large investments to increase the VAP factory in Glyvrar to manage the increased volumes, and the factory reached a capacity of 55 tonnes gwt per day.
The Group increased the capacity of the VAP to around 22 tonnes gwt (guttet weight) per day through two separate investments during this period in order to facilitate further growth.
A Value Added Product ("the VAP”) factory for salmon was built within an existing location, the factory in Glyvrar. The investment was limited, and the capacity was low. The company received the licence to produce smolt/fry in Glyvrar/Glyvradalur.
Restructuring of the Group by Regin Jacobsen, Hans Jacobsen and Martin Jakobsen. At this time, the Group established P/F Alistøðin á Bakka. Holding farming licences for salmon in two fjords, slaughtering capacities for salmon in Glyvrar, as well as pelagic processing capabilities and production of styropor boxes for transportation of fish.
Development of the production of blue whiting into mince and surimi in the Faroe Islands. Blue whiting stock plummeted in 1990, causing financial distress for the Group and the rest of the sector.
Started farming activities -- one of the first companies in the Faroe Islands to do so.
Packaging of flatfish from other Faroese fish producers for the UK market was started. This was mainly to stabilize the existing business, as the volumes of herring caught decreased.
A second processing plant was built in Glyvrar. The business idea was to catch herring in the Faroese fjords and to process and sell spiced and marinated herring fillets.
The Bakkafrost business was established by the two brothers Hans and Roland Jacobsen. The first processing plant was built the same year. The third brother, Martin Jakobsen, joined the company in 1971.