Prince Edward Island Fisheries and Aquaculture Minister Alan Campbell announced today that new owners will be taking over the operations of the North Lake Fish Co-operative. Ocean Pride Fisheries, based in Lower Wedgeport, Nova Scotia, will begin operations immediately.
“I am very pleased to welcome Ocean Pride Fisheries to Prince Edward Island, and further pleased that the North Lake fish processing facility will continue to be a major contributor to the economy of the eastern Kings area,” said Mr. Campbell. “The new owners bring a great deal of experience and expertise in the seafood business, and I look forward to working closely with them and with all Island seafood processors to identify new and expanded processing and market opportunities.”
The North Lake plant had been struggling with profitability for a number of years. The deal with Ocean Pride Fisheries was approved by Prince Edward Island Business Development, which said the sale price was in line with the appraised value of the plant and assets. The sale is being financed by Ocean Pride Fisheries on its own.
The North Lake plant purchased, processed and marketed a number of species including lobster, herring, mackerel, tuna, silversides, dogfish and spider crab. It employs more than 150 season workers.
Ocean Pride Fisheries plans to upgrade the plant and expand processing for up to 10 months by expanding volumes and diversifying product lines. This could include new species such as sea cucumber and expanding the volumes of lobster and dogfish.
“This is welcome news for the fishery in Prince Edward Island,” said Mr. Campbell. “It will provide new and expanded opportunities for fishers and plant workers, and I wish the new owners every success as they begin operations at North Lake.”