Founded on 10 January 1938 by brothers Tryggvi and Thordur Olafsson in Reykjavik in response to international demand for Icelandic cod liver oil as a source of vitamins A and D. Lýsi became the world's leading producer of cod liver oil and fish oils, the first ISO-certified company in Iceland (1992), and winner of the President of Iceland's Export Achievement Award in 2007. In 2015 Lýsi acquired Akraborg, the world's largest canned cod liver producer, consolidating Iceland's dominant position in cod liver products.
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