High Liner Foods Incorporated, Lunenburg, NS, said it completed its purchase ofIcelandic Group'sU.S. and Asian operations for US$232.7 million (including US$2.0 million in closing adjustments).
"We are very pleased to have completed this acquisition, as it represents an important element of High Liner Foods' growth strategy. This acquisition positions High Liner as the leading value-added seafood supplier in North America, and adds incremental value to our shareholders," said Henry Demone, High Liner's president and CEO.
Includedare Icelandic USA's processing plant in Newport News, Va., as well as subsidiaries that operate a processing plant in China and procure product from other Asian countries.
Officials said during the 12 months ending September 2011, Icelandic Group's U.S. and Asian operations recorded sales of US$268 million and pro forma adjusted earnings before interest, taxes, depreciation and amortization (pro forma Adjusted EBITDA) of approximately US$29 million, after taking into account the full year of savings from the investment in a new cold storage facility that opened in 2011.
High Liner's branded products are sold throughout the United States, Canada and Mexico under the High Liner(®), Fisher Boy(®), Mirabel(®), Sea CuisineTM and Royal Sea(®) labels, and are available in most grocery and club stores. The Company also sells its High Liner(®), FPI(®), Mirabel(®), VikingTM, Icelandic Seafood(®), Samband of Iceland(®), Seastar(®), and Seaside(®) food service products to restaurants and institutions, and is a major supplier of private label seafood products to North American food retailers and food service distributors.
Seafoods processorOcean Choice International(OCI), St. John's, NL, said it will close operations in Marystown and Port Union, NL immediately as part of a plan "to ensure a viable and competitive company for the future." OCI said it will invest more than CA$5 million in remaining plants in the Newfoundland-Labrador towns of Bonavista, Port aux Choix, Triton, St. Lawrence and Fortune.
High Liner Foods, Ocean Choice in seafood news
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