Seaboard Corporation (AMEX:SEB) today announced that it has completed the sale of 100% of its investment in Fjord Seafood ASA (Fjord). As a result of the transaction, Seaboard will receive net cash proceeds of approximately $37,000,000 and will recognize a gain of approximately $18,000,000, which includes approximately $4,000,000 of foreign currency translation gains previously recorded through other comprehensive income. The gain will not be subject to income tax.
Fjord is a company traded on the Oslo Stock Exchange which engages in the production and processing of salmon in Norway and Chile.
Seaboard Corporation is a diversified agribusiness and transportation company primarily engaged in domestic pork production and processing, and cargo shipping. Overseas, Seaboard is primarily engaged in commodity merchandising, flour and feed milling, produce farming, sugar production and electric power generation.