Food processor and distributor George Weston George Weston Limited has announced the closing of the previously announced transaction for the sale of its west coast aquaculture operations to EWOS Canada Ltd a subsidiary of the Norwegian based Cermaq ASA.
Weston will receive total net proceeds for this discontinued business of approximately C$38m (US$31.2m) which will result in an after tax loss on sale of approximately $24 million.
The company announced its intention to sell the business in February.
“We will be working closely with Weston to make the transition to new ownership as smooth as possible for everyone involved – including our employees, our customers and our suppliers. In the meantime, it is business as usual,” Heritage Salmon president Fraser Walsh said at the time.
Heritage Salmon is a salmon aquaculture business which operates in New Brunswick, Maine and British Columbia.