Federal and Provincial Governments Invest in Westmorland Fisheries Ltd. to Expand Global Presence and Increase Growth

News Release

ACOA’s $4.3 million loan will help the company modernize and improve production

May 20, 2016 – Cap-Pelé, N.B. – Atlantic Canada Opportunities Agency

Federal and provincial government officials were in Cap-Pelé today alongside company officials to announce a significant investment of more than $4.7 million for Westmorland Fisheries Ltd. (WFL) to modernize, improve efficiencies and position the firm as a world leader in lobster processing. The company’s privately financed contribution brings the total investment to over $10 million in 2016, the largest in its history.

On hand for the announcement were the Honourable Dominic LeBlanc, Member of Parliament for Beauséjour, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency (ACOA); the Honourable Victor Boudreau, Minister of Health and Minister responsible for the Regional Development Corporation; Russel Jacob, President, Westmorland Fisheries and Nat Richard, Director, Corporate Affairs, Westmorland Fisheries.

The project involves a significant investment in new technology and equipment to produce new lobster products and improve productivity and efficiency. As part of this effort, WFL will adopt new technology to support its automation system, upgrade equipment throughout the facility and carry out significant enhancements to the plant.

Global demand for quality seafood products is continuing to grow and lobster remains Canada’s highest value fish and seafood export product, accounting for $1.5 billion in exports in 2014.  WFL is one of the largest lobster processors in Canada, purchasing lobster from hundreds of harvesters in the region. These investments will help to ensure that WFL is a modern and efficient processing facility and enhance its competitiveness in growth markets.

The Government of Canada, through ACOA’s Business Development Program, is providing a $4,321,000 loan towards the project, while the Province of New Brunswick is contributing $410,000 and WFL is investing $5,788,000 financed through the Business Development Bank of Canada.

Westmorland Fisheries Ltd. opened its doors in 1973 and has a workforce of more than 400 employees during peak production. The company operates mostly in the frozen food segment of the industry under the Rocky Point® brand. From its 78,000 sq. ft. plant in Cap-Pelé, raw product is processed into a broad range of products, such as lobster meat, whole lobster, and raw tails, for retail and foodservice customers throughout North America, Europe and Asia.

Quotes:

“Westmorland Fisheries Ltd. understands that in order to compete in the world it must be innovative, efficient and productive. Innovation and global competitiveness have never been more important than they are today.  I am pleased that the Government of Canada can contribute to WFL’s international growth and sustainability.”

- The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for ACOA

“New Brunswick has abundant natural resources and our products are in demand around the world. Westmorland Fisheries Ltd. is a cornerstone of the lobster industry and an important employer in southeastern New Brunswick, I am pleased that the Government of Canada can support WFL to further build a solid foundation right here in Cap-Pelé.”

- The Honourable Dominic LeBlanc, Leader of the Government in the House of Commons and Member of Parliament for Beauséjour

“Supporting established New Brunswick companies to increase exports and competitiveness in global markets is key to creating and retaining jobs here at home.  New Brunswick’s fish and seafood products are in demand around the world and I am pleased that the province of New Brunswick can support Westmorland Fisheries Ltd. as it expands to meet that demand.”

- The Honourable Victor Boudreau, Minister of Health and Minister responsible for the Regional Development Corporation

“We are proud to support Westmorland Fisheries Ltd. as they seize this opportunity to build a more efficient, competitive and profitable business. As the only bank exclusively dedicated to entrepreneurs, the Business Development Bank of Canada (BDC) is committed to helping Atlantic Canadian entrepreneurs grow and succeed at taking their business to the next level.”

- Gina Gale, Senior Vice President, Financing and Consulting, BDC, Atlantic Canada

“This modernization program represents the largest investment in Westmorland Fisheries Ltd.’s history.  The expansion, plant enhancements and new equipment will result in a stronger, more efficient and more innovative Westmorland, better positioned to capitalize on growing demand for lobster products all around the world.”

- Russel Jacob, President, Westmorland Fisheries Ltd.

 Associated Links:

• www.acoa-apeca.gc.ca
• www.westmorlandfisheries.ca/en/

Contacts:

Paul CJ LeBlanc
Senior Communications Officer
ACOA New Brunswick
506-452-3310

Nat Richard
Director of Corporate Affairs
Westmorland Fisheries Ltd.
506-961-6504

Valerie Kilfoil
Communications
Opportunities New Brunswick
506-453-8168

Maria Constantinescu
Business Development Bank of Canada
mediainfo@bdc.ca
1-844-625-8321

Search for related information by keyword

Hon. Navdeep Singh Bains Atlantic Canada Opportunities Agency Economics and Industry