Danish aquafeed supplier the BioMar Group and Icelandic fishing company Síldarvinnslan have signed a deal to build an aquafeed production facility in Iceland, BioMar announced.

Following the move, BioMar would become the only global feed company in the Icelandic market, the company said on 12 August.

“As part of our strategy, … we are committed to expanding our business to new geographies and demonstrating our sustainability ambitions,” BioMar Group CEO Carlos Diaz said.

The joint venture would combine the use of by-products from Sildarvinnslans’ fishing operations and BioMar’s R&D portfolio and knowledge of the use of novel ingredients, BioMar said.

The agreement includes Sildarvinnslan’s Laxá production facility and existing feed operations which have been importing and distributing BioMar starter feeds for several years, according to the statement.

“Our expertise in the production of sustainable marine raw materials and by-products, our fish processing and farming technologies combined with BioMar’s feed production knowledge will give us the opportunity to supply Iceland’s aquaculture industry with feed that will enable a differentiated offering to the global market,” Síldarvinnslan CEO Gunnþór Ingvason said.

The Icelandic aquaculture industry had grown tenfold since 2010, BioMar said.