Grieg Seafood has for many years struggled with high production costs and low earnings compared to its competitors. This has improved significantly over the last couple of years. Now Grieg’s ambitions are further increasing.
In today’s quarterly report, Grieg Seafood outlined its clear goals to build on its existing platform for continued sustainable growth and cost improvements going forward.
Grieg Seafood’s strategy for 2020-2025 is based on an ambition for sustainable salmon farming and includes three important strategic goals for continued growth and business development: Global growth, cost management and value chain repositioning.
“For several years, we have been working towards our 2020 targets of harvesting 100 000 tonnes at a cost at or below industry average, with the underlying ambition of building a platform for sustainable growth beyond 2020. Although we have faced some biological challenges in Shetland and BC, our 2020 harvest target is well within reach and costs at our Norwegian operations are developing in line with our ambitions,” said CEO Andreas Kvame.
“We are now looking beyond 2020 and setting the direction for the next five years as we launch our GSF 2025 strategy. We will aim to build on our existing platform to ensure continued growth and cost improvements and harvest more than 150 000 tonnes by 2025,” he continued.
“To scale our global operations, we will grow organically as well as through M&A activity. Furthermore, we will work to reposition Grieg Seafood from a pure commodity supplier to an innovation partner, increasing our presence downstream through partnerships, category development and brand cultivation. Thus, we aim to drive increased value creation as a global, integrated supplier of sustainably farmed salmon,” added Kvame.