Philippine food group Alliance Select Foods International has entered an agreement to acquire US salmon company Spence & Co.

The company said today (11 August) that it has acquired a 100% stake in Spence & Co. In an earlier filing it said it would acquire the business for US$8.5m as part of a stock purchase agreement that was signed in April.

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Spence was formed in 1990 and is a Massachusetts-based processor of smoked salmon and seafood.

Alliance Select Foods said the deal makes it a “major player” in the smoked salmon business in the region and that it will enable the company to establish a presence in the lucrative US seafood market.

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