Investors in High Liner Foods Inc. are reeling in profits as the seafood giant continues its aggressive expansion into the hungry U.S. market.
High Liner shares jumped another 4 percent on Tuesday after the company said it was buying American Pride Seafoods LLC for USD 34.5 million (EUR 25.4 million). The deal is the latest step toward High Liner’s goal of becoming the leading supplier of frozen seafood in North America.
Shares in the Lunenberg, N.S.-based company, known for its “Captain High Liner” brand, have risen by nearly 30 percent since late July, when rumors began to surface that it was in talks with Seattle-based American Seafoods Group LLC to buy the U.S. firm’s frozen seafood and scallop processing unit in New Bedford, Mass.
