Tokyo, Oct. 27 (Jiji Press)–Japanese seafood company Umios Corp. has said it will make Canadian seafood processing firm High Liner Foods Inc. a wholly owned subsidiary in a bid to strengthen its operations in the North American market. Umios, formerly Maruha Nichiro Corp., plans to acquire all outstanding shares in High Liner Foods for 804 million Canadian dollars in January next year, following domestic procedures in Canada, according to an announcement on Monday. Established in 1899, High Liner Foods processes and sells frozen seafood products and holds a significant share of the retail frozen seafood and commercial frozen food markets in North America. Umios has previously processed and sold “kanikama” imitation crab products using “surimi” fish paste made from Alaska pollock but has not been involved in fillet processing and sales. “We will establish a foothold in the downstream seafood market in North America, where our presence has been limited, and expand our presence there,” Umios President Daisuke Yasuda told an online press conference Tuesday. According to Umios, North America’s frozen seafood market is expected to expand steadily amid growing health consciousness and demand for convenience. END [Copyright The Jiji Press, Ltd.]
