FMC Sells Omega 3 Business to Pelagia
26 Jun 2017 --- Pelagia has signed a definitive agreement with FMC to acquire its Epax omega 3 business. The transaction – the terms and financial details of which have not been disclosed – is expected to be finalized by the end of the third quarter. It is, however, subject to the customary regulatory approvals and closing conditions.
“We are pleased to sell our Omega-3 business to Pelagia AS, a leading manufacturer of pelagic fish products,” says Eric Norris, President of the FMC Health and Nutrition. “We believe Pelagia provides a strong strategic fit for our Epax Omega-3 product line and will complement Pelagia's existing portfolio.”
FMC Corporation’s revenue totaled approximately US$3.3 billion in 2016. The company employs around 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium.
In March, FMC announced the signing of a definitive agreement to acquire a significant portion of DuPont's Crop Protection business and to sell FMC Health and Nutrition to DuPont. The deal is expected to be finalized in the fourth quarter of 2017.
Pelagia has factories in the UK, Ireland, Denmark and Norway. The company says the acquisition of FMC's Epax Omega-3 business complements its strategy which focuses on quality.
“Pelagia has a responsibility and takes long-term development initiative through innovation to increase the market value of our pelagic resources. We believe this long-term achievement will be beneficial to all stakeholder including the fishermen,” says Egil Magne Haugstad, CEO of Pelagia.
“The acquisition will give us access to production resources, networks and markets for refined marine oils for direct human consumption. We hope and believe that we can create exciting synergies between the resources in Epax and the core strength of Pelagia,” Haugstad adds. “We expect, that parts of our fantastic North Atlantic fish oil product offerings can be further refined and gain direct human consumption market access through future and existing processes developed by Epax.”
