East Coast Seafood has received a USD 602,000 (EUR 484,700) loan from MassDevelopment, the U.S. state of Massachusetts’ finance and development agency, to use to upgrade its scallop and lobster processing equipment.
The company will also use the money to install automation technology, increase packaging options, and adjust order logistics, according to a MassDevelopment press release.
“Depending on market conditions and product demand, the project could create 80 jobs over the next year by helping the company fulfill new orders for various national retailers and improve its efficiency, product quality, and lead times on order shipments,” the organization said.
East Coast Seafood has been steadily upgrading its New Bedford facility since it purchased the 66,000-square-foot plant as part of its acquisition of Seatrade International in 2012. It moved its headquarters there in 2019, the same year it vowed to turn it into a “state-of-the-art lobster facility.” It has since shifted production to the facility following its closure of its Garbo Lobster facility in Groton, Connecticut, and its sale of its Gouldsboro, Maine facility to American Aquafarms in October 2020. It still operates two other processing facilities besides its New Bedford plant.
“East Coast/Seatrade International continues to be an industry leader, driving innovation on many operational levels for our food service and retail club partners,” East Coast Seafood CEO Brad Hudson said. “We thank MassDevelopment for the strategic equipment loan, designated for our 66,000-square-foot state-of-the-art processing facility and one of the most efficient processing lines currently available in the industry. Advancements in seafood production and respective product benefits remain critical to our partners throughout the supply chain, and we’re evolving our operations to meet and exceed expectations.”
MassDevelopment works with businesses, nonprofits, banks, and communities, including providing financing for economic development projects in Massachusetts with the goal of stimulating economic growth and creating jobs.
“This loan will help a Massachusetts seafood processing and distribution company, East Coast Seafood, LLC, grow jobs, get products to market more efficiently, and in turn help maintain the Commonwealth’s national and global leadership in the seafood industry,” MassDevelopment President and CEO Dan Rivera said. “East Coast Seafood, LLC is an integral part of our state and regional economy, and MassDevelopment is proud to provide loan financing to help the company continue its vital presence along the New Bedford waterfront.”
Photo courtesy of East Coast Seafood
