Icelandic equipment manufacturer Marel announced Tuesday that the decision by Norwegian salmon processing equipment supplier Stranda Prolog to file for bankruptcy will ending up costing Marel €7 million ($6.9 million).
Stranda Prolog, which is partly owned by Icelandic processing equipment giant Marel, said on Monday it was entering bankruptcy, citing low orders, cost increases, lack of raw material and staff shortages for its misfortune.
Marel acquired a 40 percent stake in Stranda Prolog, a family-owned company founded in 1946 and solely dedicated to salmon processing equipment, in January 2021 in line with its objective of becoming a full-line supplier of food processing solutions and software across the different protein sectors.
