As of today Deltaq has acquired 100 per cent of the shares in Cimbric Fiskekonserves for the amount of DKK 250,000. In 2009 and 2010 the company had negative earnings and it is in the middle of a turnaround process, which among other things has included an amalgamation of the two production facilities of Cimbric. In 2010 the company expects a turnover of DKK 75 mil and a deficit of approx. DKK 4 mil.

Diversified products
Cimbric Fiskekonserves, founded in 1964, is supplier of a total range of shellfish and fish products to retailers, food service and catering companies. The domicile in Vogn in the very northern part of Jutland includes administration, production facilities, cold store and stock. Number of employees: 26.

Cimbric was one of the first companies to introduce shrimps in brine. Shrimps still account for the majority of the annual turnover. In addition to a multiple and attractive assortment range of shellfish in brine Cimbric also packs a serie of products in MAP. Cimbric holds certificates from IFS, MSC, and Naturland. The plan is to include products from Jeka Fish in the range of products offered to the customers of Cimbric.

”The investment in Cimbric Fiskekonserves is an interesting opportunity for Deltaq to become sole proprietor of a niche food supplier, and focus in the short term will be on rationalization of the administration and the production to get back to a positive operation. At the same time we will have a lot of synergies in relation to Jeka Fish, which is another company in the portfolio of Deltaq. During 2010 Jeka Fish has been working on a new retail strategy. The acquisition of Cimbric will add a new business unit to Jeka Fish, holding the necessary packing lines and certificates” says Jesper Lacoppidan, managing director of Deltaq Management.

Furthermore, the annual savings in connection with the realization of synergies between Jeka Fish and Cimbric Fiskekonserves are expected to amount to approx. DKK 4 m as a result of joined administration, production planning and distribution.

In future Cimbric Fiskekonserves will be part of the Jeka Fish Group as a separate business unit. Halldór Arnason, managing director of Jeka Fish will be responsible for the group, including Cimbric Fiskekonserves. Sighvatur Bjarnason will be manager of Cimbric Fiskekonserves.

Future cooperation
As an active part of the Jeka Fish group of companies Cimbric Fiskekonserves will be offering an even better product through a strengthened organisation and improved competitive power with support from a financially strong owner – to the benefit of customers, suppliers and other business relations.