FPI sells N.L. assets

Fishery Products International has announced it has reached agreements with Ocean Choice International and Highliner to sell its Newfoundland and Labrador assets.

Ocean Choicewill pay $158 million for six FPI processing plants, in Marystown, Port au Choix, Port Union, Bonavista, Triton and South Dildo. The company also purchased a Nova Scotian scallop business, and an offshore shrimp and turbot vessel.

Ocean Choice president Martin Sullivan said the company is determined to keep the fishery in Newfoundland and Labrador alive.

"Ocean Choice is committed to this province," Sullivan said in a news conference Friday. "We were born and raised here, We want to grow the seafood industry to ensure it is viable for future generations."

Sullivan said the company will spend $8 million in two years on new technology and promised to keep the plants going for at least five years.

Meanwhile, Highliner will pay FPI $143 million for its North American marketing division, and plants in Burin, N.L., and Massachusetts.

Earle McCurdy, president of the Fish, Food and Allied Workers union, which represents FPI's plant workers, said he's glad the companies have finally reached a deal.

"We have a reasonable working relationship with Ocean Choice in the plants where they operate so we assume we'll be able to sort out the issues where they arise."

The deals will be finalized in 60 days.

FPI had been in negotiations to sell its assets in the province since January.