Both parties agreed not to disclose financial details of the transaction, which is expected to be closed in Q1, 2015.

As part of the agreement, the 47 employees currently working in Brattvåg will transfer from BASF to Marine Ingredients. With the acquisition, Marine Ingredients will gain control of omega-3 production, which is central to its business, thus expanding its ability to serve customers with tailor-made omega- 3 products, reported the company.

BASF, a global market leader in omega-3s, focuses its activities on the market segment for highly concentrated omega-3 fatty acids, following the acquisitions of Equateq (now BASF Pharma Callanish) in 2012 and of Pronova Biopharma in 2013. Highly concentrated omega-3 fatty acids for consumer health, clinical nutrition and pharmaceutical products are one of the key growth areas for BASF’s Nutrition & Health division.

Thanks to increased awareness of its health benefits, omega-3 has become an increasingly important segment of the dietary supplement, functional food and pharmaceuticals market, reported BASF, adding several thousand academic and clinical studies have investigated the potential health benefits of omega-3 fatty acids. Most of these studies identified omega-3 as beneficial for human health and highlighted its cardiovascular benefits.