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19.07.2019

Board of Directors proposes to buy sales companies in Asia and to change the name of the company

The Board of Directors of HB Grandi hf. approved Thursday a purchase agreement of seafood sales companies in Asia and to submit it to a shareholders meeting for its approval. The company made an offer to buy the sales companies for 31.1 million euros and the owner, Útgerðarfélag Reykjavíkur hf., accepted the offer as was announced in a statement to Nasdaq Iceland Stock Exchange last Friday. The purpose of the purchase is to strengthen the sales and marketing operations of the company, in particular in Asia.

The Board of Directors also decided Thursday to propose to the shareholders meeting to change the name and the brand of the company to Brim and Brim Seafood. A new name and a brand identity will serve the purpose of the company which is to market and sell to valuable markets the seafood products the company catches and processes. The name HB Grandi is 15 years old and reflects a merger of two companies, Haraldur Böðvarsson and Grandi. The changes this time serves the purpose of underlining the company´s greater commitment to international marketing and sales operations as indicated by the buying of the sales companies in Asia.

    

The name Brim and the trademark Brim Seafood are simple and easy to pronounce and are already known on international seafood markets. The logo symbolizes three waves as well as forming the shape of a fish which is the company´s main product. The blue colour represents the sea and the silver is a reference to the valuables of the ocean harnessed by Brim. The designer is Emil H. Valgeirsson of Hvíta Húsið in Reykjavík.

Within a few days it will be announced when the shareholders meeting will be held which is expected in mid-August.