The struggling Icelandic Group has sold its loss-making Canadian shrimp subsidiary Ocean to Ocean in a management buyout.
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The seafood and fish products company said the sale would not affect results but would cut debt as the company tries to return to profitability. Icelandic Group has been weighed down by loss-making European subsidiaries.
The subsidiary, Ocean to Ocean Canada, was sold to a management group including president Joe Wineck. The sale includes trade name, customer lists, Canadian trademarks, brands and inventory.
“The marketplace in the commodity shrimp arena has become increasingly difficult in recent years. This sale allows Icelandic USA to focus on its core competency which is valued added seafood and commodity Groundfish products,” Icelandic Group said.
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