The world’s largest supplier of northern shrimp, Royal Greenland, which suspended its operations in Russia due to the armed conflict between the Russian Federation and Ukraine, has completely withdrawn from the local business. Kommersant reports about it.
The group sold 50% of the production located in the Moscow region to its partner Agama Group of Companies. In 2022, the group has already bought the business of a frozen food manufacturer. Poland’s Hortex then sold its Russian business to Agma.
Royal Greenland owned 50% of seafood processing company Agama Royal Greenland LLC, a joint venture with the group. Agma consolidated its structure back in December 2023, the publication cites data from the Unified State Register of Legal Entities.
At the end of 2022, Agama Royal Greenland produced more than 9 thousand tons of products. Agma also owns a factory in Murmansk.
In a joint venture with Agma, Royal Greenland was responsible for the supply of raw materials, while Agma, in turn, was responsible for distribution. Royal Greenland is headquartered in Greenland and has 49 factories in Greenland, Europe and Canada.
Following the entry of Russian troops into Ukraine in 2022, the manufacturer suspended supplies to the Russian Federation. Its annual cost was estimated at 100 million Danish crowns or 1.3 billion rubles at the Central Bank exchange rate.
Author:
Natalia Gormaleva
Source: RB
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