Lunenburg, N.S. – High Liner Foods Incorporated has acquired one of the largest importers of frozen Atlantic salmon.
The business of Atlantic Trading Company LLC is now part of the High Liner family. Atlantic Trading imports frozen Atlantic salmon into the U.S. and sells its products into the U.S. retail market.
The privately owned company says its premium quality Atlantic salmon fillets and portions are sustainably sourced from Chile and Norway. The product is sold in frozen raw (unprocessed) and value-added formats. Atlantic Trading is also a large importer of fresh salmon products. It sells its products under the brand C. Wirthy & Co. to a major club store and supercentre operator in the U.S.
Atlantic Trading has revenues of between US$75 million and US$80 million annually.
High Liner says it expects the acquisition to more than double its sales in salmon products and for the margins on Atlantic Trading products to be comparable to those achieved on similar products sold by the company.
Atlantic Trading, says Henry Demone, CEO of High Liner, “sources some of the finest Atlantic salmon available and will enhance product offerings to our customers.”
Demone adds that a key component of High Liner’s strategy is to acquire profitable and complementary businesses, like Atlantic Trading.
High Liner says it doesn’t anticipate making any changes to the 30-year-old, Miami, Fla.-based company and expects the acquisition will be immediately accretive to earnings.
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