PRFoods has finalised a letter of intent with local fish processing company Hiiu Kalur to jointly set up an offshore fish farm.

The agreement was signed by PRFoods subsidiary Saaremere Kala and OÜ Tallinna Lihatööstus, a subsidiary of Direct Consulting.

Direct Consulting is owned by Hiiu Kalur.

Hiiu Kalur was established in 1991 and is one of the biggest fishing companies in Estonia. It holds shares in seven fish processing plants.

The Estonian fishing company also operates the ports of Veere, Lehtma and Suursadam, as well as three fishing villages on Hiiumaa and Saaremaa islands, reported Undercurrentnews.com.

“PRFoods is one of the largest fish farmers in Estonia. It owns farms across the Baltic Sea in Estonia, Finland and Sweden.”

The new joint venture (JV) between the companies is expected to combine Direct Consulting’s long-term experience related to fishing and fish processing with wide fish-farming experience of PRFoods group.

Based in Tallin, Estonia, PRFoods is one of the largest fish farmers in Estonia. It owns farms across the Baltic Sea in Estonia, Finland and Sweden, specialising in the production of rainbow trout.

The company’s financial report unveiled its plans to quadruple its farming capacity next year in order to meet the growing demand for its fish products.

Last July, the board of PRFoods had given the green light for acquiring a significant stake in Scotland’s John Ross Jr and Coln Valley Smokery.

With this acquisition, PRFoods intends to further expand its geographical footprint as well as enhance its offerings portfolio with a new assortment of fish products.