The sale of Quin-Sea Fisheries to Royal Greenland has been approved by the government of Newfoundland and Labrador. The Fish Processing Licensing Board recommended that the take-over could go ahead and this has been accepted by Minister of Fisheries and Aquaculture, Steve Crocker.
There have been questions asked about the sale, and concern that the Canadian quotas could come under the control of a foreign company, and also that jobs could be at risk, but the Minister responded that there is no barrier to foreign ownership of fish plants in the province, as long as they comply with minimum processing requirements for exported products.
‘Royal Greenland brings with it a wealth of experience with onshore fish processing and international marketing, and its participation in our processing sector will help diversify our province’s seafood industry,’ Steve Crocker said.
‘Royal Greenland is committed to investing in Newfoundland and Labrador to transform locally harvested seafood into the highest quality product for our international markets, commented Royal Greenland CEO Mikael Thinghuus.
‘Our plan is to build upon this well-established, successful business, including operation of its plants and employment of its people. The combination of Quin-Sea’s reputation for species diversification and production of top quality products, and Royal Greenland’s experience in extracting top value for such products, will bring new opportunities to the province.’
Quin Sea operates several processing plants and handles approximately 11,000 tonnes of seafood annually.
The minister said Royal Greenland intends to continue to buy shrimp, groundfish and crab from inshore harvesters as the company has done in the past, while maintaining employment levels and keeping the same management team.
