High Liner Foods investing in Virginia facility
An announcement by the state of Virginia indicates High Liner Foods Inc. plans to invest in and modernize its facility in Newport News, Virginia.
The announcement comes from the office of Virginia Governor Glenn Youngkin and the Virginia Economic Development Partnership. According to the announcement, the investment coincides with an approved USD 300,000 (EUR 285,198) performance-based grant from the Virginia Investment Performance Grant program.
“We are excited that High Liner Foods is reinvesting in its Newport News facility and modernizing to meet increased demand for its high-quality seafood,” Youngkin said. “This international partner has a long history of contributing to the Commonwealth’s diverse food and beverage processing sector, and we look forward to supporting the company’s continued growth in Virginia.”
High Liner has had a presence in Newport News for “more than two decades,” Virginia Secretary of Commerce and Trade Caren Merrick said, and the new investments will “help secure the company’s future longevity.”
“Continued investments in our Newport News facility in Virginia will help us advance High Liner Foods’ growth strategy to become the North American leader in branded, value-added seafood,” High Liner Foods President and CEO Rod Hepponstall said. “Virginia offers our business many benefits and opportunities based on its strategic location as a supply chain hub, access to a skilled workforce, and potential for future growth.”
The company posted a “strong start” to 2022 with a USD 51 million (EUR 48 million) boost in sales in Q1. The company’s gross profit increased by 7.5 percent, or USD 4.3 million (EUR 4 million) to USD 62 million (EUR 58.8 million) in Q1. Its adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) also increased, reaching USD 28.3 million (EUR 26.8 million) in Q1 2022 compared to USD 27.8 million (EUR 26.4 million) in 2021 – an increase of 1.8 percent.