High Liner Foods invests $5M in Norweigan aquaculture company Norcod AS

High Liner Foods has announced it will invest $5 million in Norcod AS, a responsible and sustainable cod aquaculture company based in Trondheim, Norway.

High Liner Foods will receive an approximate 10 per cent share ownership in Norcod and nomination rights for a director, Paul Jewer, to serve on Norcod’s board of directors, a statement reads.

“Today’s investment is a small but important step forward in our strategy to position High Liner Foods for the next chapter of leadership and growth. In a dynamic global seafood environment, we want to ensure that our company and its stakeholders can benefit from the opportunities across the full value chain in highly sought after species like cod,” said Paul Jewer, president and chief executive officer at High Liner Foods.

High Liner Foods sees promising investment potential in Norcod, emphasizing the appeal of the growing cod aquaculture market. Norcod operates six farming sites in Norway and is strategically positioned in regions with optimal biological conditions for aquaculture. Moreover, it holds a substantial 26,000 metric tonnes production capacity for year-round delivery of fresh products.

“We are impressed by Norcod’s leadership team and their proven production record and expertise.  In making this long-term investment, we welcome the opportunity to support and help shape, the bold, innovative work underway to lead the future of sustainable cod farming as a source of premium seafood for North America and markets around the world. It is a great complement to our existing diversified supply of cod and ongoing support for the future of Atlantic seafood,” Jewer said.