High Liner Foods Acquires Icelandic Group

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LUNENBURG, N.S. — High Liner Foods Incorporated has reached an agreement to acquire the U.S. subsidiary Icelandic USA and Asian procurement operations of Icelandic Group, one of the largest suppliers of seafood to the U.S. foodservice market, for US$230.6 million.

“We are very pleased to have reached this agreement, which will make High Liner Foods the leading value-added seafood supplier in North America,” said Henry Demone, president and CEO of High Liner Foods.

The acquisition includes Icelandic USA’s processing plant in Newport News, Va., as well as subsidiaries that operate a processing plant in China and procure product from other Asian countries. High Liner has agreed to a seven-year royalty-free licensing agreement with Icelandic Group for the use of the Icelandic Seafood brand in the United States, Canada and Mexico.

The deal is subject to customary closing conditions and regulatory approvals that are expected in late 2011 or early 2012.

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