Bakkafrost – Trap The Faroe Islands

© Styrelsen for Dataforsyning og Infrastruktur

Salmon portions are being produced in Bakkafrost’s large finished goods production hall in Glyvrar.
OSCAR SCOTT CARL/RITZAU SCANPIX, 2019

The salmon farming company Bakkafrost is the Faroe Islands’ largest private employer and is headquartered in Glyvrar. The company was founded by the brothers Hans and Róland Jacobsen in 1968 and from 1971, the brother Martin Jakobsen also joined the company.

Initially, Bakkafrost processed herring from Skálafjørður and other fjords, which were salted, marinated, filleted and sold as tinned food, but other fish products were also exported. In 1979, the company was among the first in the Faroe Islands to venture into aquaculture with salmon and trout farming.

In 2005, it was re-established as Bakkafrost Holding, which has since seen continuous growth. On 26 March 2010, it was listed on the Oslo Stock Exchange and the company is now owned by both Faroese and foreign investors.

In 2011, Bakkafrost acquired the Havsbrún group, which produces fishmeal, oil and feed. This made it the only company in the world with a production and sales chain involving production of fishmeal, oil and feed, salmon fry and marine farming, salmon cutting, own box production and finished product production as well as sales to retail chains. In 2019, Bakkafrost acquired The Scottish Salmon Company, and the plan is to invest about DKK 2 billion in Scotland. The current CEO of the group is Regin Jacobsen, and the Chairman of the Board is Rúni M. Hansen.

Further reading