Quota to be sold away from the Westmann Islands? Skip to content

Quota to be sold away from the Westmann Islands?

Stilla ehf., owned by Brim Seafood CEO Gudmundur Kristjánsson and Hjálmar Kristjánsson, has made an offer to take over the entire share capital of the fishing company Vinnslustödin in the Westmann Islands.

The local labor union and fishermen union leaders worry Stilla’s goal is to sell the fishing quota away from the islands.

“Gudumundur’s and Hjálmar’s offer is a greedy offer and nothing else. They made it in order to sell the quota, because they would never be able to run the company for the price they offered,” leader of the fishermen union Jötunn, Elías Björnsson, told Morgunbladid.

Stilla offered ISK 13 billion (USD 210 million, EUR 156 million) for Vinnslustödin. The company’s quota is worth about ISK 20 billion (USD 324 million, EUR 241 million).

“The public here in the Westmann Islands is following takeover offers and sales of fishing companies in other parts of the country nervously because there is destruction in their paths,” said leader of the labor union Drífandi, Arnar G. Hjaltalín.

Vinnslustödin employs 20 to 25 percent of the islands’ inhabitants and, according to Hjaltalín, is very important for the local economic life.

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