July 3, 2019

Skaginn 3X Continues Its Upward Trajectory

Founder and CEO Ingólfur Árnason Discusses the Bright Future of Skaginn 3X

Skaginn 3X’s founder and CEO Ingólfur Árnason recently sat down for an exclusive interview with Iceland’s largest newspaper, Fréttablaðið. The Navigator has gathered some of the highlights and translated them into English.

Skaginn 3X is mulling possible acquisitions if the right opportunities surface, the company’s founder and chief executive officer (CEO) Ingólfur Árnason said in a recent interview with Icelandic newspaper Fréttablaðið.

“In the long run we are open to acquisitions if such transactions would complement our current offering and provide routes to new markets,” Árnason said.

The Positive Effects of 3X

Árnason told the newspaper that taking full control of 3X Technology has had a very positive effect on research and development, as well as the bottom line and revenue growth.

“Our organic revenue growth has been in the region of ten percent a year, but it rose sharply following the 3X Technology deal,” Árnason told the newspaper.

“Our main objective now is to manage our growth, and so far, we have done a decent job. We expect that turnover will exceed ISK ten billion (€70 million) this year, compared to ISK six billion in 2017,” he added.

Strength in Sustainable Fisheries

Árnason strongly believes that Skaginn 3X´s success is closely linked to Iceland’s well-managed fisheries industry, which has led the way globally when it comes to sustainable fisheries management – an industry very much open to advances in processing technology, automation and efficiency.

The approach has spawned steady innovation by affiliation from firms such as Skaginn 3X as well as other Icelandic processing companies Marel and more recently Valka.

Opportunities in Russian Markets

Skaginn 3X solutions are also used in meat and poultry processing, although the main focus has been on seafood.

“About 10-15 percent of our revenues come from meat and poultry processing solutions. Russia has been our fastest growing market in recent months, triggered by modernising efforts of the Russian government and the fisheries industry,” Árnason said.

“But Russia is also a large agricultural market, and we do foresee some solid opportunities when it comes to our meat and poultry solutions, and we are considering setting up an office in Russia to be closer to our customers there,” he added.

To read the full interview in Icelandic, please click here: https://www.frettabladid.is/markadurinn/tiu-milljarda-taeknirisi-akranesi/

Photo credit: Skaginn 3X chief executive officer Ingólfur Árnason courtesy of Fréttablaðið

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