High Liner Foods has acquired US salmon importer Atlantic Trading Co. for an undisclosed sum.
Atlantic Trading imports frozen Atlantic salmon products into the US from Chile and Norway. The group sells salmon fillets and portions in unprocessed and value-added forms into US retail channels.
The company generates annual revenues of US$75-80m, High Liner revealed. High Liner added it expects to “more than double sales” and bring Atlantic Trading’s profit profile in line with High Liner’s own margin structure.
“Our vision is to be the leading frozen seafood supplier in North America and a key component of our strategy is to acquire profitable and complementary businesses like Atlantic Trading,” said Henry Demone, CEO of High Liner Foods.
High Liner said it does not expect to make changes to Atlantic Trading’s operations and the acquisition is meant to be immediately accretive to earnings excluding the impact of one-time and interest costs.