NOVA SCOTIA— High Liner Foods Incorporated has announced it’s engaged in exclusive talks with Icelandic Group to acquire its American and Asian processing assets. Terms and conditions of the transaction are still being discussed and are subject to final Board approvals. In the meantime, High Liner will continue with its due diligence review.
K.L. Nelson, executive vice president, chief financial officer and secretary of High Liner Foods Incorporated, told Foodserviceworld, “we’ve been interested in Icelandic Group for quite some time, and we’re delighted that we’re at the stage that allows us to try and hammer out a final deal.”
Recent media reports have prompted much interest in the High Liner proposal and the company has issued a press release at the request of market surveillance on behalf of the TSX. High Liner won’t comment further on the potential acquisition until a definitive agreement is in place or all talks are completed.
High Liner’s branded products are sold throughout the U.S., Canada and Mexico under the High Liner, Fisher Boy, Mirabel, Sea Cuisine and Royal Sea labels. The company is a major supplier of private label seafood products to North American food retailers and foodservice distributors.
Icelandic Group, based in Reykjavik, has an annual turnover of about 1 billion Euros. Icelandic Group’s 3 main business segments are primary processing, value added processing and sales and marketing, representing six per cent, 69 per cent and 25 per cent of total sales respectively.