All staff working at the facility in Brattvåg will transfer to Marine Ingredients
BASF is to sell its manufacturing facility for natural fish oils, medium-concentrated omega-3s, and customised bottled fish oil in Brattvåg, Norway, to Marine Ingredients, for an undisclosed sum.
Marine Ingredients is a Mount Bethel, PA, US-based manufacturer of high-quality omega-3 softgel and liquid formulations.
With the acquisition, the company will gain control of omega-3 production, which is central to its business, thus expanding its ability to offer tailor-made omega-3 products.
BASF said in April that it wanted to sell the Norway plant and cut around 260 jobs around the world in production, marketing and administration as it aims to boost profit at its health and nutrition business.
The company said it would focus its activities on highly concentrated omega-3 fatty acids, following the acquisitions of Equateq (now BASF Pharma Callanish) in 2012 and of Pronova Biopharma in 2013.
BASF said highly concentrated omega-3 fatty acids for consumer health, clinical nutrition and pharmaceutical products are one of the key growth areas for its Nutrition & Health division.
Increased awareness of the health benefits of omega-3 has meant that it is becoming an increasingly important segment of the dietary supplement, functional food and pharmaceuticals market, the company said.