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

  • Bell Media names Randy Lennox as new president

    Economic CTV News
    MONTREAL - Bell Media has named Randy Lennox as its president following the departure of Mary Ann Turcke for a new opportunity with the NFL. Lennox, a former executive at Universal Music Canada, joined the media giant in August 2015 as president of entertainment production and broadcasting. Source
  • Are loyalty programs even worth it anymore?

    Economic CTV News
    MONTREAL -- The value of customer loyalty programs is under increased scrutiny by companies and users in the wake of Air Miles' recent reversal of an unpopular expiration policy. The operator of the shopper reward program, LoyaltyOne, angered many members last year with its proposal to void unused Air Miles after five years, only to abandon that plan weeks before it was to take effect. Source
  • Manulife admits fine by money-laundering watchdog Fintrac

    Economic CTV News
    TORONTO -- Manulife Financial Corp. confirmed Monday its banking unit was penalized last year after Canada's money-laundering watchdog concluded it failed to report a suspicious transaction and various money transfers. Last year, Fintrac fined the bank $1.15 million, but it withheld the bank's identity, saying it was exercising its discretion to do so. Source
  • B.C. increasing minimum wage to $11.35

    Economic CTV News
    VICTORIA - The minimum wage in British Columbia will rise by 50 cents to $11.35 an hour in mid-September. The ministry says there will be an identical increase of 50 cents to the minimum wage for liquor servers, bringing it to $10.10 per hour in September. Source
  • 5 billion mobile phone users projected for 2017: study

    Economic CTV News
    With populations in Asia on the rise, the number of mobile phones, which stood at 4.8 billion a year ago, should mushroom to 5.7 billion, or three quarters of the world's population, by 2020. The number of mobile phone users globally will surpass five billion by the middle of this year, according to a study released Monday by GSMA, the association of mobile operators. Source
  • Behold the KEYone: Last BlackBerry-designed phone with a physical keyboard

    Economic CTV News
    TORONTO - Fans of BlackBerry's classic physical keyboard will have reason to celebrate when the last product designed in part by the former smartphone leader becomes available in April. The Waterloo, Ont.-based firm played a role in developing the KEYone, named for the return of the QWERTY keyboard that other smartphone designers have mostly long retired. Source
  • Manulife revealed as bank FINTRAC fined $1.15M for anti-money laundering failures

    Economic CBC News
    The head of Canada's top financial crime watchdog is second-guessing his decision last year to withhold the name of a Canadian bank — which CBC Investigates has identified — fined $1.15 million for violating the federal anti-money laundering and terrorist financing act. Source
  • Manulife revealed as bank fined $1.15M for violating anti-money laundering reporting rules

    Economic CBC News
    The head of Canada's top financial crime watchdog is second-guessing his decision last year to withhold the name of a Canadian bank — which CBC Investigates has identified — fined $1.15 million for violating the federal anti-money laundering and terrorist financing act. Source
  • Billionaire Wilbur Ross heads toward confirmation as U.S. Commerce secretary

    Economic CTV News
    WASHINGTON -- Billionaire investor Wilbur Ross is headed toward confirmation as Commerce secretary in U.S. President Donald Trump's administration. The Senate is set to vote on Ross' nomination Monday evening. Ross easily cleared the Senate Commerce Committee and a procedural vote by the full Senate. Source
  • Warren Buffett's investment advice: 'stick with low-cost index funds'

    Economic CBC News
    Billionaire Warren Buffett, whose stock picks over several decades have enriched generations of Berkshire Hathaway Inc. shareholders, delivered a black eye to the investment industry on Saturday, urging ordinary investors to buy plain-vanilla index funds. "When trillions of dollars are managed by Wall Streeters charging high fees, it will usually be the managers who reap outsized profits, not the clients," Buffett said in his annual letter to shareholders. Source