Icelandic Group, a seafood producer in Iceland, has acquired the Belgian fish processing company Gadus for an undisclosed amount.
The company specializes in processing and sales of chilled fish products which include salmon and cod. Its customers include food retailers in Belgium and about a third of the raw material is sourced from Iceland.
Gadus is the second largest fish processing company in the country with annual revenues of €70m, reported Fishupdate.com.
Icelandic Group chief executive Lárus ásgeirsson said this acquisition is a logical step for the company in the development of its future.
"The investment will strengthen the segment of Icelandic Group's operations that focuses on processing and sales of fresh and chilled seafood in close co-operation with food retailers, the most successful aspect of the Group's operations in recent years," ásgeirsson said.