Tag Archives: Clearwater Seafoods Inc
Clearwater Reports $133.7-Million In Sales, Drop Due to Coronavirus sales decrease
On a conference call with reporters Tuesday, Clearwater CEO Ian Smith said the Covid-19 pandemic was the main reason for lower sales. Although international borders weren’t closed to Clearwater’s exports, the pandemic’s effect on the worldwide restaurant industry created less demand for seafood products. “We did not lose access to any markets, but historically our business has been weighted towards food-service establishments,” said Smith. “In fact, seafood disproportionately is eaten in food-service establishments, because knowledge of how to shop and how to prepare it is less than what it is for other proteins.” >click to read< 09:06
‘Reconciliation in Canada’: The Clearwater deal marks Indigenous nations’ growing clout
Chief Terry Paul, of Membertou First Nation in Nova Scotia, who is leading the Mi’kmaq coalition, described it as a “transformational opportunity for the Mi’kmaq to become significant participants in the commercial fishery,” and praised Clearwater’s management expertise, infrastructure and global presence. A spokeswoman for Clearwater said the new owners have no plans to make any operational changes other than taking the company private. The deal is a major leap for Paul’s Membertou Nation, which posted $67 million in revenue in 2019, with a diversified revenue stream from fishing, the Membertou Trade & Convention Centre on Cape Breton Island and a number of other businesses. >click to read< 10:50
Clearwater Seafoods explores possible sale or merger
Nova Scotia-based seafood giant Clearwater Seafoods Inc. (TSX:CLR) says it is exploring a possible sale of the company after receiving several expressions of interest. In a news release issued Thursday, the company says it has formed a special committee of independent directors as part of a strategic review. It says the committee’s options include a sale of all or a portion of Clearwater’s assets in either one transaction or a series of transactions, an outright sale of the company, or a merger. more >click to read< 13:21
Grand Bank council to discuss new Arctic surf clam licence with LeBlanc
Last week’s announcement by federal Fisheries Minister Dominic LeBlanc a new Arctic surf clam licence will be issued for next year is concerning news for the Town of Grand Bank. Mayor Rex Matthews raised the topic during the town’s council meeting on Monday afternoon. Matthews said a council delegation has a 30-minute meeting scheduled with LeBlanc on Wednesday afternoon in St. John’s, where Prime Minister Justin Trudeau and federal cabinet ministers are meeting this week for an annual retreat. “The problem is it’s taking away existing quota from our fish plant here in Grand Bank,” Matthews said, adding the change could have a major impact on the facility. click here to read the story 15:33
Seafood giant Clearwater Seafoods Inc. losses spike
Clearwater Seafoods Inc. reported Wednesday a loss of $9.8 million on sales of $95.3 million in the second quarter of this year. “Strong catch rates in the latter part of the second quarter and the first part of the third quarter have resulted in … higher available volumes to sell in the third and fourth quarters at a lower cost of capture. @chronicleherald
Clearwater Seafoods Inc to add $45-million vessel to clam fleet
Clearwater Seafoods Inc. closed $350 million in new debt facilities Wednesday that will be used to add a $45-million vessel to its clam harvesting fleet. When it’s fully operational, the company’s third clam harvester will increase Clearwater clam sales to about $100 million by 2017 from $60 million, Clear-water treasurer Tyrone Cotie said in an interview. continued@chronicleherald
