High Liner Foods Incorporatedon Thursday said it has reached an agreement to acquire the U.S. subsidiary, Icelandic USA, and Asian procurement operations of Icelandic Group, one of the largest suppliers of value-added seafood to the U.S. foodservice market.
The transaction is valued at approximately $230.6 million (€170 million). Completion of the transaction is expected in late 2011 or during the first quarter of 2012.
The acquisition includes Icelandic USA's processing plant in Newport News, Va., as well as subsidiaries that operate a processing plant in China and procure product from other Asian countries.
