High Liner Foods has announced its has sold its fishing business for C$65m (US$45.1m) to a group led by shellfish producer Clearwater Seafoods.
High Liner, which produces food under the High Liner, Fisher Boy, Gina Italian Village and Floresta brands, said it intends to focus on its growing frozen food operations.
“We’re now focused on the consumer,” CEO Henry Demone was quoted by the Canadian Press as saying. “We’re not focused on fishing.”
Under the deal, Clearwater will acquire a quota of around 13,000 tonnes of cod, haddock, pollock and redfish stocks.
Clearwater said the acquisition, which is slated to be closed by 21 May, would help to diversify its business and link up with bigger distributors.