Cermaq
Cermaq is a Norway-headquartered international aquaculture company farming salmon and trout.
Last updated August 26, 2026
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Overview
Cermaq is an aquaculture company headquartered in Oslo, Norway, with farming operations in Norway, Canada, Chile and Scotland. Its principal business is the production of farmed Atlantic salmon, coho salmon and trout. The company operates across several of the world's major salmon-farming regions, combining marine farming sites with country-level operational and administrative structures. In Canada, its activities are located on Vancouver Island, with offices in Campbell River and Tofino. In Norway, the company farms in Nordland and Finnmark. Its Chilean operations extend across Regions X, XI and XII and are managed from Puerto Montt. The company also has operations in Scotland. Cermaq's present identity emerged from a broader transformation of a Norwegian state-linked grain business into an international seafood company. It was established in 1995 as Statkorn Holding after the commercial division of Statens Kornforretning was separated and incorporated as a limited company. The early business was primarily involved in grain wholesaling. During the second half of the 1990s, however, the company began moving into aquaculture-related activities. It started acquiring the fish-feed producer NorAqua in 1996 and began buying fish-farming businesses in 1998. These transactions laid the foundation for its later focus on fish feed and salmon farming. The Norwegian government began selling down its ownership in 2000, initiating the transition from a state-controlled enterprise to a publicly held commercial group. During the 2000s, Cermaq disposed of its original grain-wholesaling activities and concentrated increasingly on fish farming and feed. The company was listed on the Oslo Stock Exchange in 2006. Its feed subsidiary, EWOS, was sold in 2013, making salmon and trout farming the central focus of the remaining business. In October 2014, Mitsubishi Corporation acquired Cermaq in a transaction valued at approximately USD 1.4 billion and obtained 91 percent of the shares through its offer. Cermaq subsequently became a fully owned subsidiary of Mitsubishi Corporation. The company reported approximately USD 1.1 billion in sales and total production of 157,800 tonnes in 2017. Those figures describe the scale of the farming business at that time and are not presented as current financial results. Cermaq's product portfolio is centered on farmed Atlantic salmon, coho salmon and trout, supplied through international seafood markets. Its production model depends on marine farming sites and on managing biological, environmental and regulatory conditions that vary by country. Sustainability is an important part of Cermaq's stated corporate positioning. The company has expressed a commitment to contributing to the United Nations Sustainable Development Goals and has aimed to certify all of its farming sites against the Aquaculture Stewardship Council standard for responsibly farmed salmon. This positioning links the brand to responsible aquaculture, traceability and environmental performance, while its geographic footprint gives it access to multiple salmon-producing regions. Cermaq is therefore best understood as an international aquaculture operating company rather than a consumer-facing packaged-food brand.
History
Cermaq's history began in Norway's state-linked agricultural sector. In 1995, the commercial division of Statens Kornforretning, an organization associated with Norway's grain trade, was separated and incorporated as Statkorn Holding. The new company initially operated as a grain wholesaler rather than as an aquaculture specialist. A strategic shift began in the late 1990s. In 1996, Statkorn Holding started acquiring NorAqua, a producer of fish feed. Two years later, in 1998, it began purchasing fish-farming businesses. These moves connected the company to both major parts of the emerging salmon industry: feed production and marine aquaculture. The group gradually reduced its exposure to grain wholesaling and redirected its resources toward fish feed and seafood production. The ownership structure also changed during this period. In 2000, the Norwegian government sold the first 20 percent of the company, beginning a wider process of privatization and commercial development. Through the 2000s, the business sold its original grain-wholesaling divisions and expanded its position in the seafood and aquaculture markets. The Cermaq name became associated with the reorganized group as its center of gravity moved away from agricultural commodities and toward fish farming and feed. Cermaq was listed on the Oslo Stock Exchange in 2006. Its feed business operated under the EWOS name and remained an important part of the group's historical development. In 2013, Cermaq sold EWOS, leaving the company more concentrated on fish farming. The disposal marked a significant portfolio decision: rather than retaining an integrated feed-and-farming structure, Cermaq focused its identity and operations on salmon and trout production. In October 2014, Mitsubishi Corporation acquired Cermaq in a takeover transaction valued at approximately USD 1.4 billion. Mitsubishi obtained 91 percent of the shares through the offer, and Cermaq subsequently became a fully owned subsidiary of the Japanese trading and investment group. This ended Cermaq's period as an Oslo-listed independent company and placed its aquaculture operations within Mitsubishi Corporation's broader corporate portfolio. Cermaq's operating footprint includes Norway, Canada, Chile and Scotland. In Norway, its sea-farming activities are located in Nordland and Finnmark. In Canada, operations are based on Vancouver Island, with offices in Campbell River and Tofino. In Chile, the company operates in Regions X, XI and XII from a base in Puerto Montt. The company farms Atlantic salmon, coho salmon and trout, giving it a product range suited to several regional aquaculture systems. By 2017, the farming business was reported to have sales of approximately USD 1.1 billion and total production of 157,800 tonnes. These figures illustrate the scale of Cermaq after its international expansion but should be treated as historical figures rather than current results. In its more recent corporate positioning, Cermaq has emphasized responsible aquaculture, a commitment to the United Nations Sustainable Development Goals and an objective of certifying all farming sites under the Aquaculture Stewardship Council salmon standard. The company is consequently characterized by a combination of international salmon-farming scale, regional production expertise and sustainability-oriented operating goals.
- 2017
Historical production reaches 157,800 tonnes
[1]Cermaq's farming business is reported with approximately USD 1.1 billion in sales and total production of 157,800 tonnes.
- 2014
Mitsubishi Corporation acquires Cermaq
[1]Mitsubishi Corporation acquires Cermaq in an offer valued at approximately USD 1.4 billion and obtains 91 percent of its shares.
- 2013
EWOS feed business is sold
[1]Cermaq divests its EWOS feed business and concentrates more strongly on fish farming.
- 2006
Oslo Stock Exchange listing
[1]Cermaq becomes listed on the Oslo Stock Exchange.
- 2000
Norwegian government begins ownership reduction
[1]The government sells the first 20 percent of the company, beginning a transition away from direct state ownership.
- 1998
Entry into fish farming
[1]The company starts acquiring fish farms as it broadens its strategy beyond grain wholesaling and into seafood production.
- 1996
Entry into fish-feed production
[1]Statkorn Holding begins acquiring NorAqua, a fish-feed producer, establishing an early connection to the aquaculture industry.
- 1995
Statkorn Holding is established
[1]The commercial division of Statens Kornforretning is separated and incorporated as Statkorn Holding, initially operating in grain wholesaling.
Products and positioning
International aquaculture producer focused on farmed salmon and trout, with an emphasis on responsible farming and sustainability standards.
Farmed salmon
Atlantic salmon
Atlantic salmon is Cermaq's principal aquaculture product. The company farms the species across its international production network, including operations in Norway, Canada, Chile and Scotland. It is produced in marine farming sites and supplied to seafood markets through the company's commercial operations.
Farmed salmon
Coho salmon
Coho salmon is one of the salmon species included in Cermaq's farming portfolio. It forms part of the company's broader international aquaculture offering alongside Atlantic salmon and trout.
Farmed trout
Trout
Trout is produced by Cermaq as part of its farmed-fish portfolio. The product complements the company's salmon operations and contributes to its positioning as a diversified producer of farmed salmonids.
Marketing campaigns
- Responsible aquaculture and ASC certification objective
Norway · Canada · Chile · Scotland
Cermaq has positioned its sustainability work around contribution to the United Nations Sustainable Development Goals and an objective of certifying all farming sites under the Aquaculture Stewardship Council salmon standard.
Outcome. The stated objective establishes responsible aquaculture and third-party certification as central elements of the company's corporate positioning; completion across all sites is not specified in the available source material.
Brand decisions
2014
Acquisition by Mitsubishi CorporationM&ABackground
Cermaq was an Oslo-listed international aquaculture company with farming operations in several major salmon-producing regions.
Action taken
Mitsubishi Corporation made an acquisition offer valued at approximately USD 1.4 billion and obtained 91 percent of Cermaq's shares.
Aftermath
Cermaq became a fully owned subsidiary of Mitsubishi Corporation and ceased to operate as an independent listed company.
Acquisition offer value. Approximately USD 1.4 billion (October 2014)
2013
Sale of the EWOS feed businessM&ABackground
Cermaq had developed activities in both fish feed and fish farming, but its strategic direction increasingly emphasized aquaculture production.
Action taken
The company sold its EWOS feed business.
Aftermath
The divestment left fish farming as the central focus of Cermaq's business.
Recent events
- 2017
Cermaq reports 157,800 tonnes of salmon production in 2017[1]
Other
Cermaq's 2017 farming business was described as having sales of approximately USD 1.1 billion and total salmon production of 157,800 tonnes.
- 2014
Cermaq becomes a Mitsubishi Corporation subsidiary after takeover offer[1]
M&A
Mitsubishi Corporation acquired Cermaq in an offer valued at approximately USD 1.4 billion and obtained 91 percent of the company's shares.
Cermaq advances responsible-aquaculture certification objective[1]
Regulation · Other
The company has stated an aim to certify all of its farming sites under the Aquaculture Stewardship Council salmon standard and has linked its sustainability work to the United Nations Sustainable Development Goals.
Sources3 sources
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