Ísfélag Vestmannaeyja hf. was founded 1st of December in 1901 and is the oldest operating corporation in Iceland. The company's purpose was to build and rund storage for bait that should benefit both fisheries and the community. In december 2000 the company had a setback when the fish processing plant burned down to the ground. The emphasis was put on pelagic production when the fish processing plant was re-built. 

Today the company operates fish processing pland and fishmeal plant both in Westman Islands and at Thorshofn, more information about each of them can be found here. Ísfélag Vestmannaeyja owns and operates three pelagic vessels, two groundfish trawlers and one longliner. There are around 220 employees working for Ísfélag Vestmannaeyja.