Proximar Seafood AS (ticker: PROXI) has signed a Memorandum of Understanding (“MoU”) with Marubeni Corporation with regards to a potential sales and marketing agreement.
This agreement is an important milestone for Proximar and in line with the company’s strategy to engage in strategic partnerships with strong local partners in Japan. Marubeni is one of the largest general trading companies (sōgō shōsha) in Japan, with 136 branches and offices in 68 countries and regions. The intention with the MoU is to conclude in a firm off-take agreement once the parties have found a suitable long-term model.
“We have been in discussions with Marubeni for more than a year now and are very happy to finally complete the first step towards a long and fruitful cooperation with one of the leading sales and marketing companies within seafood in Asia. By signing this agreement, both parties signal a strong commitment to the process going forward. We are very pleased to formalize our discussions and move to the next stage.”
In March, Proximar Seafood together with its construction partner Daiwa House, started construction of the first large-scale land-based fish farming facility for Atlantic Salmon in Japan. This was celebrated on Monday 26 April at the official Ground-Breaking Ceremony at the construction site in Oyama Town where both the Norwegian Ambassador, the Major of Oyama Town, and the Director of Daiwa House Industry were present.
The facility is expected to be finalized during the third quarter of 2023. “Being a Norwegian company, Proximar will bring in industry expertise when it comes to farming Atlantic Salmon. But succeeding in Japan requires understanding local conditions as well. In March we signed the construction contract with Daiwa House after years of planning and preparations together with them. In terms of sales and marketing, we have considered different alternatives over the past years and are very pleased to proceed with Marubeni, a company which has both the size, capabilities and know-how to help Proximar become a strong seafood brand in Asia. The discussions relating to sales and marketing are also important for the long-term financing alternatives in Japan” says Mr. Nielsen.
Joachim Nielsen, Chief Executive Officer Phone: +47 928 55 559, e-mail: jn@proximarseafood.no
Pål Grimsrud, Chief Financial Officer Phone: +47 994 77 599, e-mail: pkg@proximarseafood.no
Proximar Seafood is a Norwegian land-based salmon farming company with its first production facility under construction at the foot of Mount Fuji in Japan. Through land-based fish farming, the company will produce fresh Atlantic Salmon, harvested the same day. Proximar’s location, near one of the world’s most important fish markets, implies significant advantages, both in terms of reduced cost and carbon footprint.
Marubeni Corporation is a general trading house, listed on the Tokyo Stock Exchange, with a market cap of approx. USD 16 billion.
Marubeni is represented through 138 branches in 68 countries Worldwide, with a total number of employees around 45.000.
Marubeni’s marine products business leverages its procurement capability in marine products and marine processed goods to meet the needs of consumers in the diverse Japanese and U.S. markets.
Marubeni procures marine products and marine processed goods from production and processing sites around the world according to the diverse needs of consumers and sells the products in Japan and the U.S., the two major consumer markets through the industry's top-class sales companies. Marubeni has a strong presence in the industry, with a 11% handling share of wild red salmon globally and a U.S. sales company having approximately 6% share of the shrimp wholesale market in the U.S., the third largest in the country.
Furthermore, Marubeni is also proactively promoting businesses in line with the Sustainability Development Goals (SDGs). In April of 2020, Marubeni, together with Nippon Suisan Kaisha (“Nissui”), took a 66.7% stake in Danish Salmon A/S in Denmark, entering the sustainable, closed circulation aquaculture salmon business in Europe. Through this investment, Marubeni will be able to respond not just to the growing global demand for marine products but will also be able to contribute to solving problems by providing a stable, environmentally conscious supply of salmon to consumers.
