Norway-based salmon farmer Northern Lights Salmon acquired a stake in domestic shipyard group Grovfjord Mek Versted, the company said Monday. Norwegian vessel company Grovgaarden also invested in the deal.
Earlier this year, Grovfjord Mek Versted entered into bankruptcy, in part because of rising costs, and around 50 employees lost their jobs.
Northern Lights Salmon, located in Balteskard, Norway, has a long history with Grovfjord Mek Versted, and it has had eight boats built by the company since 1999.
The new group will now focus its efforts on the aquaculture industry.
