The transaction is subject to customary closing conditions and approval of relevant authorities.
“We are happy to announce this joint venture and look forward to jointly offering our customers an even broader scope of superior solutions over the entire processing line,” said Baader executive chairwoman Petra Baader in a press release.
Ingólfur Árnason, owner and chief executive of Skaginn 3X, said: “The combination of the long-standing Baader engineering practices and our deep roots and expertise in Icelandic fisheries, will boost our joint development and innovation.” Árnason will continue to serve as chief executive of Skaginn 3X supported by his current management team.
Joint sales company
After the deal is completed, a joint sales company will coordinate global sales activities with the existing Baader infrastructure, integrating the Skaginn 3X sales force. Until closing and completion of the integration of Skaginn 3X, contacts and responsibilities in sales and distribution will remain unchanged.
Baader is one of the best-known names in salmon processing, along with Iceland-headquartered multinational Marel.
Skaginn offers a range of patented chilling and freezing solutions, as well as food processing systems.