Regional authorities in Canada have approved the sale and break-up of FPI, one of Canada's largest seafood producers, to Ocean Choice and High Liner.

The Newfoundland and Labrador provincial government approved the deal after negotiating a series of commitments designed to protect jobs in the region and the long-term future of the industry.

Ocean Choice, a fishing company based in Newfoundland, said yesterday (28 May): "Ocean Choice has made several commitments to the province regarding plant operations, employment levels, new capital investment, and a requirement to land groundfish quotas in the province. Ocean Choice is clear on these commitments and intends to meet all terms set out in the agreement."

Under the deal, St. John's-based Ocean Choice will acquire most of FPI's Newfoundland-based assets, including six plants, vessels and the company's offshore shrimp, turbot and scallop business. High Liner will acquire a secondary processing operation in Burin, and FPI's US-based marketing arm.

Ocean Choice added: "The growth realised through this acquisition will create one of the most diversified seafood companies in Atlantic Canada. The acquisition will also create new opportunities for our international customers."