“We are not selling MMC First Process to save the rest”

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But Havyard CEO Geir Johan Bakke said that the process of selling MMC First Process was probably accelerated due to the accounting scandal in March.

This morning came the news that Havyard Group – a major supplier to the aquaculture industry that is currently equipping the largest wellboat ever made – is selling MMC First Process to a consortium consisting of First Process Holding and Credo Partners.

Havyard’s strategy
“This is a process we have been doing for a while. It is part of Havyard’s strategy that we buy, develop and sell companies,” said Bakke to SalmonBusiness.

He does not hide the fact that the company’s negative accounting effect of EUR 10 million for 2018’s annual accounts has probably helped to speed up sales.

“Its all connected, as I said, this is a process we have had for a while. Though, it could that it’s been hastened somewhat. But the price is correct,” said Bakke.

Geir Johan Bakke

Panic sale?
The deviations for 2018 mainly relate to two major prototype projects at Havyard Ship Technology’s shipyard in Leirvik, where completion of the projects is ongoing. Bakke emphasized that sales are by no means a panic sale to stay afloat.

“We are not selling MMC First Process to save the rest. We are selling because it is part of our strategy. And now, it is the right time,” said Bakke.

As part of the transaction, it has been agreed that Havyard Group will purchase from MMC First Process its 77 per-cent stake in MMC Green Technology. The latter is a company focusing on environmental protective solutions for the maritime industry, including ballast water management systems

“This is a company we are confident of and that we want to develop further,” explained Bakke.

Building work still on
The transaction will have no impact on construction on a new industrial building for MMC First Process at Digernes in Sunnmøre, western Norway, according to Bakke. The building will be ready by the 1st October.

“Those plans are going ahead as they should,” he said.