MH makes east coast move
Marine Harvest has announced plans to produce up to 20,000 tonnes of salmon a year on Canada’s east coast – the group’s first foray into the northwest Atlantic.
The plan is underpinned by the CAD 15 million (£9 million) purchase of the struggling Gray Aqua Group, which is currently in receivership, and whose assets include one hatchery and two farming licences in New Brunswick; as well as seven farming licences and one processing plant in Newfoundland.
No fish are currently stocked at the purchased sites, but the company has also applied for 17 farming licences in Newfoundland which are yet to be approved. Marine Harvest is looking forward to engage with the relevant authorities to secure additional farming locations as well as to establish new jobs in the local communities.
According to a press release issued this morning: “The acquisition is important from a strategic point of view, as it further broadens Marine Harvest's global farming footprint in a country where we are already present on the West Coast. The market for salmon in North-East America continues to develop very favourably, and the acquisition represents as such a compelling value proposition.”
Marine Harvest will shortly start to detail a production plan and investment framework for the East Coast of Canada, including building an organisation capable of producing 15,000-20,000 tonnes gutted weight equivalent of salmon per annum.
Closing of the transaction is subject to signing a final purchase agreement as well as approval by the Court of Queen's Bench of New Brunswick.
