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MARIFARMS COMPLETES $39 MILLION ACQUISITION OF MARINE HARVEST

 MARIFARMS COMPLETES $39 MILLION ACQUISITION OF MARINE HARVEST
 Company Names John A. Mistretta Chairman and CEO and Plans to
 Change Corporate Name to Marine Harvest International, Inc.
 WOODBRIDGE, N.J., Nov. 2 /PRNewswire/ -- MariFarms, Inc. (AMEX: MRF) announced today that it has completed the purchase of the business and assets of Marine Harvest Limited and all of the outstanding shares of capital stock of Marine Harvest Chile, S.A. and Marine Feed, S.A. from Unilever PLC. Marine Harvest Limited, located in Scotland, and Marine Harvest Chile, S.A., together with Marine Feeds, S.A., comprise the world's largest salmon farming operation. Its combined sales in 1991 were approximately $90 million, predominately in the United States, Japan and Europe.
 The purchase price for the acquisition was $39 million, subject to adjustment by a closing audit. MariFarms has financed the acquisition through the private placement of $31.8 million of a new series of 10 percent preferred stock to an institutional holder and additional bank financing from commercial lenders.
 David H. Clarke, chairman of MariFarms, stated: "As a result of this acquisition, we have become one of the largest companies in the aquaculture industry. We are now in a position to take advantage of the growth prospects of both farm-raised salmon and shrimp. We believe farm-raised fish will continue to gain seafood market share due to superior quality and better costs."
 Mr. Clarke also said that to facilitate its aquaculture strategy, the company had taken three significant actions:
 First, Mr. Clarke, who is also deputy chairman and chief executive officer of Hanson Industries, the U.S. arm of Hanson PLC, will step down as non-executive chairman of MariFarms. He will be replaced by John A. Mistretta as chairman and chief executive officer. Charles F. Woodhouse will continue as president and chief operating officer with primarily responsibility of developing the company's shrimp operations.
 Mr. Mistretta, 46, was previously chairman of Hanson Industries' Recreation and Leisure Group. Mr. Clarke will continue as a member of the board of directors.
 Second, MariFarms will seek to sell the business and assets of Pan Pacific Fisheries, Inc. Pan Pacific processes tuna and other specialty fish. The sale was authorized to enable MariFarms to focus on its core aquacultural operations. MariFarms anticipates that the disposition of Pan Pacific will result in a loss and that the effect of elimination of the tuna operations would be reflected in the Sept. 30, 1992, year-end results. MariFarms said it was currently in discussions with potential buyers.
 Third, the board of directors will convene a special meeting of shareholders to vote on changing the corporation's name to Marine Harvest International, Inc. The name change will better reflect the company's business focus and future direction.
 Marine Harvest Limited is engaged in salmon farming and the sale of salmon products as whole fish, fillets and steaks. As the largest producer in Scotland, it accounts for approximately 25 percent of total production in Scotland and estimates its sales during calendar 1992 at approximately 8,800 tons with close to 80 percent being sold to Europe and the remaining 20 percent in the United States and Japan.
 Marine Harvest Chile, S.A. is the largest salmon farming operation in Chile. Marine Harvest Chile , which accounts for approximately 17 percent of farmed salmon production in Chile, estimates its sales during calendar 1992 at approximately 5,500 tons of salmon with about 70 percent being sold in the United States and 30 percent in Japan. Marine Feed, S.A. operates a fish feed plant which supplies the feed requirements of Marine Harvest Chile, S.A.
 MariFarms is engaged in salmon, shrimp and tuna operations and is 47 percent owned by Hanson Industries, the U.S. arm of Hanson PLC.
 -0- 11/2/92
 /CONTACT: John A. Mistretta or Diana E. Burton of MariFarms, 908-750-1122/
 (MRF) CO: MariFarms, Inc.; Marine Harvest Limited ST: New Jersey IN: FOD SU: TNM


SM -- NY025 -- 1457 11/02/92 09:58 EST
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Publication:PR Newswire
Date:Nov 2, 1992
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