A 54.5% share in Icelandic processing equipment supplier Vélfag has been acquired by Murmansk-based Norebo, one of Russia’s largest fishing and processing companies.
Vélfag’s founders, Ólöf Ýr Lárusdóttir and Bjarmi Sigurgarðarsson, remain as the company’s managing directors.
The company has received a number of awards over the years for its innovative heading, filleting and skinning machines that are widely used both on factory trawlers and in shore-based processing plants.
Ólöf and Bjarmi started Vélfag in 1995, initially providing servicing and maintenance for the local seafood industry, before moving into development and production of its own range of machines. They have put a great deal of effort over the years into development, which has paid off as there has been strong interest in Vélfag equipment both from their home market in Iceland and around the world.
According to the company, bringing Norebo on board as a major shareholder prepares Vélfag for increased production while also bolstering opportunities for further research and development projects.
Last year Vélfag received a research and innovation grant of ISK50 million from Rannís, the Icelandic Centre for Research, to develop a machine, which has been put into a patent granting procedure.
‘With substantial sales contracts in the pipeline and a new strong partner on board, there are exciting times ahead for Vélfag,’ the company said.
Ólöf Ýr Lárusdóttir and Bjarmi Sigurgarðarsson are staying in their roles and will continue to run the company. The board of directors is joined by Finnbogi A. Baldvinsson, Norebo Overseas Holding CFO Soling Yip and Norebo Group technical director Pavel Kosolapov.
