Vélfag was founded in 1995 by husband and wife Bjarmi Sigurgarðarsson and Ólöf Ýr Lárusdóttir in the small town of Ólafsfjörður in North Iceland. After years of working on and around fishing vessels, they were convinced that new materials coupled with the latest technology would further enable fish processors to increase the utilization, yield and quality of each catch.
Icelandic seafood processing equipment supplier Velfag has been subject to economic sanctions by the country's authorities amid an investigation into its historical ties to the Russian fishing holding company Norebo. The company's CEO, Trausti Arnason, announced this in an interview with IntraFish. Norebo, one of Russia's largest suppliers of white fish, was sanctioned by the EU on May 20, 2024, on charges of involvement in state espionage. The company denies the allegations.
Icelandic seafood processing equipment supplier Velfag announced it would lay off a third of its staff as an emergency measure. This decision stems from sanctions imposed on the company due to its alleged ties to the Russian fishing industry giant Norebo.
| September 09, 2025 | Icelandic company Velfag is laying off a third of its staff due to Russia-related sanctions |