BLACKS HARBOUR, N.B. (Canadian Press) — A New Brunswick seafood company is planning to expand its holdings with the purchase of a company in Quebec.
Cooke Aquaculture says it has signed a letter of intent to buy Montreal-based Ocean to Ocean and expects the deal to close at the end of the month.
Cooke says the purchase of Ocean to Ocean and subsidiary Ocean King will add about 65 employees to its workforce of 1,900.
Ocean to Ocean deals with imports, frozen seafood distribution and marketing, with major North American retailers among its main customers.
Cooke says the Quebec company and its subsidiary generate a total of more than $40 million in annual sales.
The purchase price was not disclosed.
Cooke Aquaculture, based in Blacks Harbour, N.B., has operations in Atlantic Canada and Maine dealing with fresh and farmed seafood.