A joint venture between shellfish specialist Clearwater Seafoods and seafood wholesaler Quin-Sea Fisheries will take over operations of a shrimp processing plant in St. Anthony, Newfoundland.
The transaction comes at a time when Canada’s northern shrimp fishery has declined significantly and raw material supply to the plant has been reduced in recent years.
The joint venture will strengthen processing volume and, according to Ian Smith, CEO of Clearwater Seafoods, diversify the species processed at the plant.
Simon Jarding, Managing Director of Quin-Sea Fisheries, said that “St. Anthony has a prime location and a highly experienced workforce, ideal for both current production of shrimp and crab but also for the production of groundfish in the years to come.
“Our partnership with Clearwater will ensure a stable and long term operation for the benefit of the partners, the employees, and the communities of the Northern Peninsula.”
Quin-Sea Fisheries will assume management responsibility for the plant on behalf of the new joint venture. The transaction is expected to close on March 31.