Jeronimo Martins, a Portugal-based international food industry group, is investing NOK 173.9 million (€16.7 million/$17.5 million) in land-based salmon farmer Andfjord Salmon through a direct private placement.

The investment, done through its agribusiness subsidiary Jeronimo Martins Agro-Alimentar, makes Jeronimo Martins Group one of the largest shareholders in Andfjord Salmon, with an ownership share of 10.1 percent.

“Just a few days before the 2022 United Nations Ocean Conference in Lisbon, we are investing in a promising and truly innovative sustainable business project that is fully aligned with our corporate responsibility priorities," said Jeronimo Martins Chairman and CEO Pedro Soares dos Santos.