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Phillips Foods Affirms Acquisition of Canadian Facilities for Lobster and Crab Processing

In a significant move, Phillips Foods, a major supplier of crabmeat in the United States, has acquired two Canadian facilities to expand its operations into lobster and snow crab processing, coinciding with the launch of new product lines.

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Phillips Foods Affirms Acquisition of Canadian Facilities for Lobster and Crab Processing
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Phillips Foods, headquartered in Baltimore, Maryland, USA, has recently acquired processing facilities in Nova Scotia and Prince Edward Island for lobster and crab processing, according to Phillips Vice President of Retail Sales and Marketing, John Baxter.
These facilities encompass the former South Shore Seafoods plant in Bloomfield, Prince Edward Island, Canada, and the former Pêcheries Bas-Caraquet Fisheries plant in Bas-Caraquet, New Brunswick.
The establishment of a Canadian subsidiary facilitated the purchase of South Shore Seafoods, which had filed for bankruptcy. This acquisition was made possible through an asset purchase agreement between Deloitte Restructuring and the newly formed Phillips Bridge Seafoods subsidiary.
Baxter noted that Phillips aimed to diversify and expand its overall business through these acquisitions, although specific details were not disclosed.
While there are no immediate plans for value-added manufacturing at the newly acquired facilities, Phillips is introducing refrigerated pasteurized lobster meat products for the first time. Additionally, the company is launching a frozen crab toast appetizer, following the success of its shrimp toast appetizer over several years. Both new products will be showcased at Seafood Expo North America in Boston, Massachusetts, from March 10 to 12, at booth #2967.
Baxter expressed enthusiasm for introducing pasteurized lobster meat to the refrigerated market segment, highlighting the company's experience with the pasteurization process and leveraging Canadian resources for vertical integration.
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