Clearwater Seafoods and Quin-Sea Fisheries enter agreement to secure future processing in shrimp plant
Clearwater Seafoods and Quin-Sea Fisheries announced that they have entered into an agreement to form a new joint venture which will take over operations of the St. Anthony Seafoods Limited Partnership plant in St. Anthony, Nfld.
The St. Anthony plant is ideally located on the Great Northern Peninsula with a highly experienced workforce and proximity to the resource. This transaction brings together the operational expertise and market reach of two leading companies, better matching plant capacity to the available resource in a new joint venture company. This transaction puts a focus on utilization of the St. Anthony facility at a time when the northern shrimp fishery has declined significantly and raw material supply to the plant has been reduced in recent years.
Closing of the transaction is subject to regulatory approval and customary conditions and is scheduled for March 31, 2020.
Quin-Sea Fisheries will assume management responsibility for the plant on behalf of the new joint venture. Clearwater and Quin-Sea will work together with local stakeholders to ensure a smooth operational transition in advance of the 2020 season. The new Joint Venture will enhance the economic viability of the St. Anthony operation and benefit the local community.