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High Liner to sell scallop business

High Liner to sell scallop business

High Liner Foods has reached an agreement with Blue Harvest Fisheries to sell its processing facility and scallop business in New Bedford, Massachusetts, USA.

High Liner Foods entered into a purchase and sale agreement with Blue Harvest Fisheries on 16 August, whereby Blue Harvest will acquire the assets of High Liner’s scallop business, along with its facility in New Bedford. Under the agreement, High Liner will receive cash proceeds of $8 million for the business and facility, plus additional amounts for High Liner scallop inventories.

Following completion of the transaction, High Liner will continue to offer scallops to its customers through an ongoing supply agreement with Blue Harvest. 

The scallop processing facility was fully operational at the time the agreement was entered into, but value-added fish operations had ceased at this facility in mid-July 2016, following the transfer of this production to the company’s other manufacturing facilities.

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Source: worldfishing