Amid concern for the 128 jobs lost in the regional town of Akranes, interested parties are reported to be lining up to take a look at the assets of seafood processing tech company Skaginn 3X’s assets after the company filed for bankruptcy a few days ago.
There is a great deal of concern within Iceland’s fishing industry now that Skaginn 3X is out of action, as the company has been responsible for much of the seafood processing infrastructure around the country – as well as in Norway, the Faroe Islands and Russia – and these sophisticated plants all require servicing, maintenance and access to the specialist expertise that went into them.
In 2020 a 60% stake in Skaginn 3X was acquired by Baader, which subsequently acquired the remaining shareholding from founder Ingólfur Árnason in 2022, and this hasn’t been a successful expansion for Baader. There has been concern about the financial stability of Skaginn 3X for some time, with reports of significant losses.
The question for Akranes and much of the country’s seafood sector is whether or not the activities of Skaginn 3X can be resurrected by any of the interested parties now eyeing the company’s assets – and it would hardly come as any kind of surprise if the company’s former owners were somewhere in the picture.
This part of Iceland has already suffered a few heavy blows in recent years, as fish processing in the town came to an end some years ago when Brim (formerly HB Grandi) shut down its groundfish processing there and shifted this to its Reykjavík plant. Whaling has also provided a number of seasonal jobs in the Akranes region, but there is no season this year – and there’s uncertainty over whether the whale hunt will continue.
‘The bankruptcy of Skaginn 3X is a serious blow for the community here in Akranes and it’s worst for the 128 staff of the company and their families,’ the local authority in Akranes stated.
‘We have faith that Skaginn 3X’s activities will be re-started, as its longstanding successful operation has resulted in a pool of expertise, know-how and experience that is of great value to the business community and the wider community here in Akranes.’
Last year the company closed down its division in Ísafjörður, with the loss of 27 jobs. Originally 3X Stál, this became the 3X part of the name when it was taken over by the then-rapidly expanding Skaginn. Last year, local venture Ístækni acquired Skaginn 3X’s assets in Ísafjörður, with former Skaginn 3X staff continuing to design and produce equipment for the fisheries and aquaculture sectors, as well as offering repairs and maintenance services.
