High Liner Foods, a Canadian seafood company, is adding 70 jobs and investing $13 million into its plant in Lunenberg, N.S., as it moves production from two idled Massachusetts plants. The decision was made because the company found it would be more profitable to process in Lunenberg and ship it to the United States, according to CBC News.
Earlier this year, the company had closed plants in New Bedford and Danvers, Mass. That production was transferred to Lunenberg. High Liner CFO Paul Jewerre affirmed the seafood company will remain headquartered in Nova Scotia, even though 75 per cent of its business is now in the United States.
High Liner currently sources most of its seafood from outside Canadian waters. But that may soon change. Jewer said the company is watching the return of the northern cod stock, which he expects in three or four years.
"It's in the near term. We would hope in the next five years we would have an opportunity to buy great product from the oceans that we used to catch product from," Jewer said.
Source: CBC News