Merger forms Mediterranen aquaculture giant

The merged entity will have the corporate name Selonda, a combined total turnover of over 230 million euros, and a 15% share of the global market for Sea Bass and Sea Bream, which are well-established as the most popular Mediterranean fish around the world, and as Greece’s number one food export in terms of total value.

The production facilities of the new company will include 72 sea-cage farms, seven hatcheries, 14 packing stations, two processing plants and two distribution centres. The corporation created by the merger will have 12 subsidiary companies and total personnel of approximately 1.500 employees.

John Stephanis, Executive Chairman of the new corporation stated: “we are creating the leading Greek corporation in the Aquaculture sector”. “The new Selonda will be a leader not only of the Greek Aquaculture industry, but of the entire Mediterranean fish farming sector. By focusing on the synergies that will result from the merger as well as the product quality and other characteristics that differentiate us from the competition, the new company will adapt a more flexible and aggressive strategy in regards to penetrating an even greater number of markets abroad. The agreement that has been reached is evidence of the fact that we will continue to strive to achieve of our vision, to the benefit of our company, its shareholders, its employees as well for the entire Greek Aquaculture sector that contributes a great deal to the country’s economy.”

The merger is subject to the approval of the two companies’ Board of Directors, the Greek Competition Board as well as the Ministries of Development, Infrastructure, Transportation and the General Commerce Committee.