New N.S. owner for P.E.I. plant

By Andy Walker

SOU’WESTER

A fisheries co-opertaive in eastern P.E.I. has been sold to a Nova Scotia company.

North Lake Fisheries Co-operative, which employs up to 150 people in peak season, has been purchased by Ocean Pride Fisheries of Lower Wedgeport, Nova Scotia. The Island plant has been struggling financially the last few years and Fisheries and Aquaculture Minister Allan Campbell welcomes the new owners.

Campbell, who represents the area in the legislature and was a lobster fisherman prior to entering politics, said the deal has been approved by Prince Edward Island Business Development.

The sale is being financed entirely by Ocean Pride Fisheries.

"I am very pleased to welcome Ocean Pride Fisheries to Prince Edward Island, and further pleased that the North Lake fish processing facility will continue to be a major contributor to the economy of the eastern Kings area," said Campbell. "The new owners bring a great deal of experience and expertise in the seafood business, and I look forward to working closely with them and with all Island seafood processors to identify new and expanded processing and market opportunities."

The North Lake plant purchased, processed and marketed a number of species including lobster, herring, mackerel, tuna, silversides, dogfish and spider crab. Ocean Pride Fisheries plans to upgrade the plant and expand processing for up to 10 months by expanding volumes and diversifying product lines. This could include new species such as sea cucumber and expanding the volumes of lobster and dogfish.

"This is welcome news for the fishery in Prince Edward Island," said Campbell. "It will provide new and expanded opportunities for fishers and plant workers, and I wish the new owners every success as they begin operations at North Lake."

(Andy Walker resides in P.E.I. and is a regular contributor to the Sou’Wester.)