FPI completes sale of assets

Nation's Restaurant News,  Jan 14, 2008  

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SAINT JOHN'S, NEWFOUNDLAND -- FPI Limited completed the sale of its North American value-added food service and retail frozen seafood businesses to High Liner Foods Inc. and Ocean Choice International L.P. FPI sold its primary processing business, including physical and resource assets in Atlantic Canada and international seafood procurement and market business to Ocean Choice.

It sold its North American marketing and manufacturing business, including value-added processing facilities in Massachusetts and Newfoundland and Labrador to High Liner Foods. Ocean Choice agreed to pay $174.5 million in cash while High Liner paid $86.5 million. The transactions mark the sale of substantially all of FPrs current assets and liabilities. Remaining assets include principally cash and shares of High Liner.

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