Iceland's Brim Acquires Bankrupt Arctic Char Farmer Matorka, Projected Output of 1,000 Tonnes Next Year

Icelandic seafood company Brim announced on November 9 that it has acquired all assets of Icelandic aquaculture company Matorka. Matorka, headquartered in Grindavik, Iceland, is a land-based Arctic char (北极红点鲑) farming company that, according to Icelandic media reports, declared bankruptcy in early November.

According to the media reports, Matorka's bankruptcy was related to operational disruptions caused by earthquakes in November 2023. In late 2023, Matorka's land-based facilities and the neighboring town of Grindavik experienced hundreds of seismic events, followed by a volcanic eruption on December 18, 2023. Matorka CEO Christo du Plessis told SeafoodSource shortly after the earthquakes that the company's facilities had suffered structural damage as a result. He said at the time: "The geological events that have occurred around Grindavik in the past few weeks are a one-in-2,000-year event, completely unprecedented." He later told SeafoodSource that the earthquakes had not disrupted the company's growth plans, but ultimately caused problems serious enough to plunge the company into severe financial difficulty.

Brim said it purchased all of Matorka's assets following the bankruptcy and plans to continue developing the business based on Matorka's existing knowledge and facilities, with projected output of 1,000 tonnes of whole Arctic char next year. Brim said in a press release: "The acquisition creates an opportunity to leverage Brim's extensive knowledge and experience in food processing and international sales and marketing."

Brim also stated that the acquisition is subject to customary conditions, including approval from the Icelandic Competition Authority and the obtaining of various permits required for operations.