12th Jul 2016 07:49
LONDON (Alliance News) - Benchmark Holdings PLC on Tuesday said its Breeding & Genetics division has signed a ten-year agreement with salmon producer Leroy Aakvik Roe and Stamfisk AS, meaning it will supply the producer with its salmon genetic lines
The biotechnology and food chain sustainability business said the SalmoBreed AS subsidiary within its Breeding & Genetics division has signed the deal, under with Leroy will start breeding with SalmoBreed's genetic lines, producing ova, or female reproductive cells, for sale to companies within the Leroy group.
Leroy is one of the world's top three salmon producers, said Benchmark Holdings.
No financial details were given of the agreement, but Benchmark Holdings said the deal will now make a material financial contribution to Benchmark in the short-term. Instead the company said the agreement is of "strategic importance to Benchmark Holdings's position in the market" and represents an endorsement of its subsidiary's ability to produce world-class salmon strains.
"We are very pleased to have reached this agreement with such a prominent player in the space, which is testament to the great work being done at SalmoBreed and in our Breeding & Genetics division as a whole. The opportunity to collaborate with Leroy and have SalmoBreed's genetic lines distributed to its group establishes SalmoBreed's position as an industry leader," said Chief Executive Malcolm Pye.
Shares in Benchmark Holdings were up 10% at 55.00 pence on Tuesday.
By Hannah Boland; [email protected]; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Benchmark Holdings