ST. ANTHONY, NL, Sept. 18, 2020 /CNW/ - (TSX:CLR.TO):
Quin-Sea Fisheries Ltd, a division of Royal Greenland and Clearwater Seafoods are pleased to announce the application to transfer the processing license for St. Anthony fish plant has now been approved by the Newfoundland and Labrador Minister of Fisheries, Forestry and Agriculture.
This allows the Companies to move forward with their new JV, in which Quin-Sea Fisheries Ltd will assume management responsibility for the plant on behalf of the new joint venture, St. Anthony Seafoods Ltd.
The new Joint Venture will enhance the economic viability of the St. Anthony operation and benefit the local community. With this regulatory approval, Clearwater and Quin-Sea are now eager to move forward and work together with local stakeholders to ensure a smooth operational transition and work to position the plant for a successful 2021 season.
"This marks a good day for future seafood investments in Newfoundland and Labrador . Our new JV will bring a stable and long-term operation for the benefit of the partners, the employees, and the communities of the Northern Peninsula." says Quin-Sea Fisheries Ltd. Managing Director, Simon Jarding .
The St. Anthony plant is ideally located on the Great Northern Peninsula with a highly experienced workforce and proximity to the resource. This transaction brings together the operational expertise and market reach of two leading companies, better matching plant capacity to the available resource in a new joint venture company. This transaction puts a focus on utilization of the St. Anthony facility at a time when the northern shrimp fishery has declined significantly and raw material supply to the plant has been reduced in recent years.
Ian Smith , CEO of Clearwater Seafoods said, "We thank the community, our employees, SABRI and our local MP for their great support in securing a solid future St. Anthony. We are pleased to bring a new partner into the St. Anthony plant who is an experienced Newfoundland operator that understands the importance of local commitment and local investment. The transaction enhances the economic viability of the St. Anthony operation and benefits the local community."