Canadian seafood company buys into Norwegian aquaculture
Faced with tariff challenges at home, Canada’s seafood industry is looking to calmer waters for new investment opportunities – and Norway is one of them.
The latest move is by Canada’s High Liner Foods which has decided to make a sizeable investment in the land-based salmon arming company Andfjord Salmon.
High Liner is already investing CA $6.75 million (£3.6m) in another major aquaculture business, Norcod.
High Liner Foods is a leading North American processor and marketer of value-added frozen seafood with a number of leading brands a strong private label business.
High Liner will pump CA $10m (£5.4m) into Andfjord, which has a major development project in the north of the country at Kvalnes, where it is constructing a flow-through salmon farm.
Last month it was reported that Andfjord is planning to raise more than a billion kroner (around £72m) through a possible new share issue and the sale and leaseback of part of its port facility in Kvalnes on Andøya.
The latest investment was confirmed by Paul Jewer, President and CEO of High Liner Foods, in the company’s trading update for 2024.
He said: "During the fourth quarter, we continued to drive improvements in the performance of our retail business, delivering profitable volume growth over the prior year quarter, while supporting foodservice operators during market softness with innovative, value-driven solutions."
"As we successfully navigated market pressures of 2024, we did so with the long-term health of our business and the category front of mind, strengthening relationships with our customer and supplier base, driving efficiencies across our global supply chain and diversifying our portfolio to include alternative species.
“Importantly, we achieved this while strengthening our balance sheet and increasing our financial flexibility, allowing us to support commitments to additional investments in Norcod and Andfjord Salmon.”
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