High Liner Foods completes acquisition of Viking Seafoods, Inc
High Liner Foods Incorporated, a leading North American processor and marketer of superior quality seafood, announced that it has completed its previously announced acquisition (news release dated December 10) of Viking Seafoods, Inc., for USD31.5 million subject to working capital adjustments, reports www.megafishnet.com with reference to High Liner Foods.
In 2010, Viking - a private, value-added foodservice company - had net sales of approximately $40 million. The acquisition is expected to substantially increase High Liner Foods' share of the market for broad line value-added seafood products in the U.S. foodservice industry.
High Liner expects the acquisition to be accretive to earnings per share in 2011. The Company financed the acquisition with funds drawn from its existing credit facilities. One time acquisition and financing costs will be expensed in the fourth quarter as required by Canadian GAAP.
About High Liner Foods Incorporated
High Liner Foods Incorporated is a leading North American processor and marketer of prepared, value-added frozen seafood. High Liner's branded products are sold throughout the United States, Canada and Mexico under the High Liner, Fisher Boy, Mirabel and Sea CuisineTM labels, and are available in most grocery and club stores. The Company also sells its High Liner, FPI and Mirabel food service products to restaurants and institutions, and is a major supplier of private label seafood products to North American food retailers and food service distributors. High Liner Foods is a publicly traded Canadian company, trading under the symbols HLF and HLF.A on the Toronto Stock Exchange.