New Brunswick-based Cooke Inc. has reached a $225-million agreement to acquire the farming assets of Mowi Canada East. The acquisition, expected to close by year-end pending regulatory approval, spans operations across New Brunswick, Prince Edward Island, and Newfoundland and Labrador.
If finalized, the deal will consolidate Cooke’s position as the dominant force in the industry, moving its share of Atlantic Canada’s farmed Atlantic salmon production from over half to nearly 70 per cent. Mowi’s Norway-based parent company reported record revenues of 5.73 billion euros last year.
Joel Richardson, Cooke’s public relations vice-president, stated the strategy involves shortening the sea growth cycle. The company plans to invest half a billion dollars into shore-based freshwater hatcheries and advanced seaside vessels. Central to this expansion is the deployment of smart farming technology, utilizing underwater cameras and artificial intelligence to monitor fish feeding and health in real time.
The company also intends to scale its eco-friendly fish health technologies across the newly acquired sites, a critical adaptation for the severe weather and challenging marine conditions in the region. All of Mowi’s approximately 250 employees are expected to be retained.