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FPI to acquire NSP Foodservice business in the United States.

Mr. Victor Young, Chief Executive Officer of Fishery Products International Limited ("FPI"), today announced that FPI will acquire the foodservice business of National Sea Products Limited (NSP) in the United States. This business includes groundfish fillets, secondary processed products and the Treasure Isle brand of shrimp products.

Mr. Young commented that "the acquisition of this significant business will strengthen FPI's leadership position in the U.S. foodservice market. It will also significantly expand our presence in the growing U.S. warehouse club market. FPI is proud to add such outstanding products as Simple Serve, Oven Crunch, Shore Grill and Treasure Isle shrimp to our extensive line of award winning products."

Mr. Young said, "this acquisition will allow us to improve the utilization of our U.S. marketing and production operations with little additional investment in overheads or capital equipment." FPI will transfer production of all the NSP processed products to FPI's secondary processing plants in Boston and Danvers. A variety of Treasure Isle shrimp products will also be produced in the two FPI plants.

Mr. Young also announced that FPI has entered into a strategic alliance with King & Prince Seafood Corp. of Georgia, one of the leading shrimp companies in the United States. King & Prince will be producing Treasure Isle shrimp products for FPI. "Our alliance with this highly recognized shrimp producer involves expanding our existing program of producing significant volumes of products for each other on a cost competitive basis. It will now also involve pooling our shrimp sourcing activities and sharing technological know-how. As well FPI, through its Clouston Division, has been marketing King & Prince products in Europe for some time and we will continue to do so," Mr. Young said.

King & Prince Seafood Corp. operates a state-of-the-art seafood processing facility in Brunswick, Georgia, producing a wide variety of shrimp and related products. Mr. Young stressed, "We are delighted that our long standing relationship with the King & Prince Seafood Corp. has now grown into a full fledged alliance."

Mr. Young further indicated that he viewed the acquisition as "a unique opportunity for FPI to build on the marketing strengths of our U.S. organization. In particular, the challenges and growth opportunities associated with acquiring the exclusive use of the Treasure Isle shrimp brand and entering into a strategic alliance with King & Prince is an exciting development."
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Title Annotation:Fishery Products International Ltd.; National Sea Products Ltd.
Publication:Frozen Food Digest
Date:Jul 1, 1992
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