MH seals East Coast deal
Marine Harvest has been granted legal permission to take over the assets of Gray Aqua Group, which should enable them to produce up to 20,000 tonnes of salmon a year on the east coast of Canada.
MH had announced, in December, their intention to purchase the farming assets of the Gray Aqua Group on the east coast of Canada, and the acquisition has now been by the Court of Queen's Bench of New Brunswick.
Marine Harvest announced today that it “is pleased with the decision and looks forward to detail a production plan and investment framework for the East Coast of Canada”.
The deal for Gray, which is currently in receivership, is worth CAD 15 million (£9.1 million). It is MH’s first foray into the east coast of Canada and represents “a compelling value proposition” due to the market for salmon in North America.
The assets purchased include one hatchery in New Brunswick, two farming licences in New Brunswick, seven farming licences in Newfoundland, and one processing plant in Newfoundland. In addition, MH has applied for 17 farming licenses in Newfoundland which are yet to be approved.
