Lunenburg, Nova Scotia, Canada-headquartered High Liner Foods, a leading North American value-added frozen seafood company, is investing US $5 million in Norcod AS, a sustainable cod aquaculture enterprise based in Trondheim, Norway. The deal gives it an approximate 10% share ownership in Norcod and nomination rights for a director to serve on its board.
The investment, which is being made in cash from operations, forms part of a larger capital raise by Norcod that is expected to close in this month.
“This is a small but important step forward in our strategy to position High Liner Foods for the next chapter of leadership and growth. In a dynamic global seafood environment, we want to ensure that our company and its stakeholders can benefit from the opportunities across the full value chain in highly sought after species like cod,” said CEO Paul Jewer.
He continued: “We are impressed by Norcod’s leadership team and their proven production record and expertise. In making this long-term investment, we welcome the opportunity to support, and help shape, the bold, innovative work under way to lead the future of sustainable cod farming as a source of premium seafood for North America and markets around the world. It is a great complement to our existing diversified supply of cod, and ongoing support for the future of Atlantic seafood.”
Norcod operates six farming sites with licenses secured to reach a 26,000 metric tons of production capacity. It is is geographically focused in central and northern parts of Norway with optimal biological conditions for aquaculture.
