Cap-Pelé, New Brunswick-based Westmorland Fisheries Ltd. (WFL) has received a $4.3 million loan from the Atlantic Canada Opportunities Agency (ACOA) to modernize, improve efficiencies and position it as a world leader in lobster processing. The company’s privately financed contribution brings the total investment to over $10 million in 2016, the largest in its history.
Among those on hand for the announcement were Dominic LeBlanc, Member of Parliament for Beauséjour, on behalf of Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the ACOA; Victor Boudreau, Minister of Health and Minister responsible for the Regional Development Corporation; Russel Jacob, President of Westmorland Fisheries; and Nat Richard, Director of Corporate Affairs at Westmorland Fisheries.
The project involves a significant investment in new technology and equipment to produce innovative lobster products and improve productivity and efficiency. As part of this effort, new technology will be adopted to support the company’s automation system, upgrade equipment throughout the facility and carry out significant enhancements to the plant.
Celebrating loan agreements to modernize lobster processing operations at Westmorland Fisheries are (left to right): Victor Boudreau, Minister of Health and Minister responsible for the Regional Development Corporation; Russel Jacob, President of Cap-Pelé, New Brunswick, Canada-headquartered company; and Dominic LeBlanc, Member of Parliament for Beauséjour.
Global demand for quality seafood is continuing to grow and lobster remains Canada’s highest value fishery product and seafood export item, accounting for $1.5 billion in exports in 2014. WFL, which ranks as one of the largest lobster processors in Canada, purchases wild-caught Homarus americanus from hundreds of harvesters in the region.
The Government of Canada, through ACOA’s Business Development Program, is providing a $4,321,000 loan towards the project, while the Province of New Brunswick is contributing $410,000 and WFL is investing $5,788,000 financed through the Business Development Bank of Canada. These investments will help to ensure that it remains a modern and efficient processing facility and will enhance its competitiveness in growth markets.
Established in 1973, Westmorland Fisheries Ltd. has a workforce of more than 400 employees during peak production periods. The company operates mostly in the frozen food segment of the industry under the Rocky Point brand. From its 78,000- square-foot plant in Cap-Pelé, raw product is processed into a broad line of products ranging from lobster meat, whole lobster and raw tails for retail and foodservice customers throughout North America, Europe and Asia.
