N.S.-based High Liner to downsize Mass. seafood plant

LUNENBURG, N.S. -- High Liner Foods Inc. (TSX:HLF) is ceasing some of its operations at an underused seafood plant in New Bedford, Mass.

See Full Article

, in a move that affects about 200 jobs.

The plant's value-added fish operation, which will end operations by September, has 35 salaried employees and 167 hourly workers. The scallop portion of that operation, which will continue to operate, has an additional 25 employees.

The Nova Scotia-based company says its Lunenberg plant, and two other plants in the United States, have sufficient capacity to make up for the lost output at New Bedford, about 100 kilometres south of Boston.

"In 2015, we made good progress . . . and sufficiently increased capacity at our Lunenburg, Portsmouth and Newport News facilities such that they are able, collectively, to absorb the production of our New Bedford facility and still provide sufficient capacity to meet our growth objectives going forward," said Keith Decker, High Liner's CEO and president.

The company, which reports in U.S. currency, estimates the move will reduce annualized operating costs by about US$7 million. It expects to recognize $5 million of one-time costs, including the impact on employees and inventories.

High Liner also announced Wednesday that sales for its 2015-16 financial year totalled $1 billion, about $50 million less than the prior year. For the fourth quarter ended Jan. 2, sales were down about $22 million at US $224.9 million.

Net income for the year was $29.6 million, including $7 million or 23 cents per share in the fourth quarter. Adjusted net income for the year was $35.6 million, including $8.1 million or 26 cents per share in the fourth quarter.



Advertisements

Latest Economic News

  • Asian stocks post gains as oil price rallies

    Economic CTV News
    Shares in Asia are higher after an overnight advance on Wall Street spurred by the latest meeting minutes from the Federal Reserve. KEEPING SCORE: The Nikkei 225 stock index in Tokyo climbed 0.5 per cent to 19,849.10 and Hong Kong's Hang Seng added 0.5 per cent to 25,559.00. Source
  • Edmonton woman starts Canada's first cannabis staffing agency

    Economic Toronto Sun
    Alison McMahon should be able to find some really dope jobs after opening what she says is the first staffing agency working exclusively with Canada's budding marijuana industry. The Edmonton human resources specialist, who started Cannabis at Work in 2015 to advise companies on issues linked to the use of the drug for medical reasons, recently branched out to help firms find employees as the country moves toward legalizing recreational consumption in July 2018. Source
  • Metrolinx appealing latest court loss over $770M contract with Bombardier

    Economic CTV News
    TORONTO -- Metrolinx has filed an appeal questioning the decision of an Ontario judge last month that preserved the transit agency's contract with Bombardier Transportation. The notice of appeal deepens the legal dispute between the Ontario transit agency and Bombardier over the company's ability to fulfil train orders in Toronto, where gridlock has become an increasing frustration for hundreds of thousands of commuters. Source
  • Majority say buying Canadian, even if price is higher, is more important: Nanos survey

    Economic CTV News
    The majority of Canadians say that buying Canadian products is more important to them, even if the price is higher, according to a recent Nanos survey. Fifty-two per cent of those surveyed said that it is more important to them personally to buy a Canadian product, even if it costs more, while 28 per cent said that buying the cheapest product is more important when it comes to shopping. Source
  • Female CEOs make more than their male counterparts – but there are a lot less of them

    Economic Toronto Sun
    NEW YORK — Women CEOs earned big bucks last year, but there’s still very few of them running the world’s largest companies. The median pay for a female CEO was US$13.1 million last year, up 9% from 2015, according to an analysis by executive data firm Equilar and The Associated Press. Source
  • Feds launch contest for $950M 'supercluster' plan aimed at creating jobs, growth

    Economic CTV News
    OTTAWA -- The Trudeau government is opening the competition for its $950-million "supercluster" program that aims to bring together industry and academia as a way to lift the innovation economy. Economic Development Minister Navdeep Bains is adding new details about deadlines and qualifying criteria for a five-year initiative central to the feds' innovation program. Source
  • New TD centre to create up to 575 jobs in Moncton over 6 years

    Economic CBC News
    The TD Bank expects to create up to 575 full-time jobs in Moncton over a six-year period when it opens a business services centre in 2019 with up to $9 million in help from the provincial government. Source
  • New York fines BNP Paribas $350 million in trading scheme

    Economic CTV News
    New York state regulators have fined French bank BNP Paribas $350 million, alleging bank employees for years manipulated global currency markets to benefit themselves at the expense of their customers. The New York Department of Financial Services said Wednesday that from 2007 to 2013 at least a dozen BNP Paribas traders manipulated the foreign exchange market, using chat rooms and fake trades in currencies including the South African rand, Hungarian forint and Turkish lira. Source
  • Bombardier and U.S. aerospace supplier Triumph settle legal dispute

    Economic CTV News
    MONTREAL -- Bombardier and Triumph have reached a settlement about five months after the U.S. aerospace supplier filed a $455-million lawsuit against the Quebec-based aircraft manufacturer. Details of the settlement announced Wednesday were not disclosed. Source
  • New TD call centre will create 575 jobs in Moncton, N.B., province says

    Economic CTV News
    MONCTON, N.B. -- TD has announced plans for a new call centre in Moncton, N.B., that the provincial government says will create up to 575 full-time jobs. The Toronto-based bank will receive up to $9 million in financial assistance from the government, which says the call centre will add $109-million to the province's GDP over six years. Source