Mitsubishi Corp. will acquire salmon farming operations from Norway’s Grieg Seafood for 10 billion Norwegian kroner ($973 million), positioning the Japanese conglomerate as the world’s second-largest salmon producer.
The transaction, executed through Mitsubishi’s Oslo-based subsidiary Cermaq Group, includes three businesses: operations in northern Norway’s Finnmark region and facilities on Canada’s east and west coasts. The acquisition will boost Cermaq’s production to approximately 280,000 tons by fiscal 2027, representing a 40% increase from current output levels.
Grieg Seafood announced the divestment Thursday, with the transaction expected to close in October pending regulatory approvals. The Norwegian company will retain focus on its Rogaland operations in western Norway after the sale.
The purchase accelerates Mitsubishi’s expansion in aquaculture, where industry leaders Mowi, SalMar, and Cermaq collectively control roughly 40% of global production. Cermaq currently produces approximately 200,000 tons of salmon annually across Norway, Chile, and Canada, placing it among the top five global producers.
Japanese trading houses have intensified their seafood investments as Tokyo targets increased domestic protein production. Japan aims to raise locally sourced seafood consumption to 94% by 2033 from 54% currently, driving strategic acquisitions across the sector.
The acquired operations generated 49,000 tons of production in 2024, with Finnmark contributing 26,000 tons and the Canadian facilities producing 23,000 tons combined. Integration with Cermaq’s existing infrastructure is expected to yield operational synergies across the expanded network.
Global salmon demand continues growing at 8.8% annually, driven by health-conscious consumers seeking sustainable protein sources. The acquisition strengthens Mitsubishi’s position in key markets including North America and Europe, where premium salmon commands higher margins.
Norwegian salmon farming companies have consolidated rapidly in recent years, with SalMar’s acquisition of Norway Royal Salmon in 2022 creating the industry’s second-largest operation. Mitsubishi’s latest purchase follows this trend while expanding Japanese influence in global aquaculture.
