Mowi initiates strategic review of Canada West business unit
During the company’s second quarter financial update today, Mowi CEO Ivan Vindheim announced a strategic review of the Canada West business unit in response to continuing uncertainty with respect to the government of Canada’s policy on salmon farming in British Columbia. The government decision in Canada West (BC) does not affect Canada East and Mowi’s strategy for that region.
In June 2020, the then Minister of Fisheries and Oceans announced a two year licence term to allow for the development of a transition plan for salmon farming in BC. The current Minister, the Honourable Diane Lebouthillier, committed to a reasonable. realistic and achievable plan for salmon farming in BC. On 20 June 2024, she announced a 5-year licence term to 30 June 2029 and a policy to move away from traditional marine salmon farms in the province of British Columbia (BC).
“We are disappointed with the decision since traditional marine salmon farming is absolutely sustainable, thus the basis for the decision lacks scientific merit,” said Mowi CEO Ivan Vindheim.
Minister Lebouthillier also committed to releasing further details including a draft plan for the required transition and the process for the consultation on the draft plan by 30 June 2024. A transition plan has still not been developed by the government.
In the interim, following the political decision and ongoing delays in process, Mowi has initiated a strategic review of the Canada West business unit and will explore all available options before taking the appropriate action.
Mowi Canada West will continue to work with all levels of government, federal, provincial, and Indigenous, to secure a future for sustainable salmon farming in BC and preserve important jobs and economic opportunities for rural coastal communities and the province.
About Mowi ASA
Mowi is one of the world’s leading seafood companies and the largest producer of farm-raised Atlantic salmon in the world, with an estimated harvest for 2024 of 500,000 tonnes from seven farming countries including Norway, Scotland, Ireland, Faroes, Iceland, Canada and Chile.
Mowi is a fully integrated global seafood company, bringing salmon and other seafood of supreme quality to consumers around the world, partly under its own MOWI brand. Mowi is ranked as the most sustainable listed animal protein producer in the world by Coller FAIRR.
With headquarters in Bergen, Norway, Mowi employs 11 500 people in 25 countries worldwide, and is listed on the Oslo Stock Exchange. Turnover was EUR 5.5 billion in 2023.
