LUNENBURG, NS, May 22, 2024
/CNW/ - High Liner Foods Incorporated (TSX: HLF) ("High Liner
Foods" or "the Company"), a leading North American value-added
frozen seafood company, today announced it has committed to make a
US$10.0 million investment in
Andfjord Salmon Group AS ("Andfjord"), a market leader in
sustainable and fish-friendly salmon aquaculture, located on
the island of Andøya in the Arctic archipelago of
Vesterålen, Norway and listed on the Euronext Growth exchange
on the Oslo Stock Exchange (ANDF).
In exchange for the $10
million investment, High Liner Foods will receive an
approximately 4.5% share ownership in Andfjord. The Company's
investment, which will be made from cash from operations, forms
part of a larger capital raise by Andfjord that is expected to
close in May 2024.
"Salmon is an important growth species for High Liner Foods, and
we believe that land-based aquaculture will become an important
component of the global salmon supply chain that will help bridge
the gap between supply and demand," said Paul Jewer, President and Chief Executive
Officer at High Liner Foods. "Today's modest investment will give
High Liner Foods a platform to gain operational insights and
experience in land-based aquaculture as part of our ongoing efforts
to meet the growing consumer demand for sustainably sourced and
eco-friendly seafood products."
Mr. Jewer continued, "We feel that Andfjord is an ideal partner
that possesses the proven technology and experience High Liner
Foods can work with and learn from, as we focus our efforts on
growing our Atlantic Salmon business in North America." Participation in the
private placement allows the Company to gain exposure to this
innovative approach to salmon farming. Andfjord has ambitious
expansion plans, targeting a production capacity of 40,000 tonnes
by 2030 and has outlined a growth strategy that involves scaling up
production capacity while significantly maintaining lower operating
expenses. For more information: www.andfjordsalmon.com.
About High Liner Foods
Incorporated
High Liner Foods Incorporated is a leading North American
processor and marketer of value-added frozen seafood. High Liner
Foods' retail branded products are sold throughout the United
States and Canada under the High
Liner, Fisher Boy, Mirabel, Sea Cuisine,
and Catch of the Day labels, and are available in most
grocery and club stores. The Company also sells branded products to
restaurants and institutions under the High
Liner, Mirabel, Icelandic Seafood
and FPI labels and is a major supplier of private label
value-added seafood products to North American food retailers and
foodservice distributors. High Liner Foods is a publicly traded
Canadian company, trading under the symbol HLF on the Toronto Stock
Exchange.
For further information about the Company, please visit our
website at www.highlinerfoods.com or send an e-mail to
investor@highlinerfoods.com.
SOURCE High Liner Foods Incorporated
