© Cooke Aquaculture
Through the Atlantic Fisheries Fund, the provincial government is providing $2 (€1.8) million to True North Salmon and its parent company, Cooke Aquaculture, for the purchase of equipment for its salmon processing plant in the town of St George. The federal government is providing $4.7 (€4.4) million, for a total repayable loan of $6.7 (€6.2) million.
“We are happy to support the expansion and the well-paying jobs it supports,” said agriculture, aquaculture and fisheries minister, Margaret Johnson in a press release. “Aquaculture in New Brunswick is a success story known around the world. The True North Salmon expansion is an exciting project for the provincial aquaculture industry, and I look forward to seeing how successful it will be.”
The expansion will double the size of the plant, allowing the company to improve its response to market requirements and labour shortages.
“This new and improved equipment will allow True North Salmon to continue delivering the high-quality salmon products that Cooke Aquaculture has become known for, while also ensuring good jobs remain in our coastal communities,” said federal Fisheries, Oceans and Canadian Coast Guard minister Diane Lebouthillier. “The seafood industry is the heartbeat of the Atlantic Canadian economy and expansions like this one are essential to Canada’s ongoing success as a world leader in delivering fresh and high-quality seafood products.”
The Atlantic Fisheries Fund supports commercial fisheries and the aquaculture industry.
“Our core purpose is to cultivate the ocean with care, nourish the world, provide for our families, and build stronger communities,” said Cooke Aquaculture CEO Glenn Cooke. “With this program support in our processing value chain, our St. George salmon plant will become a state-of the-art facility, which strengthens our ability to produce retail-ready seafood in a safe and sustainable manner. This expansion project is the cornerstone of our company’s overall investment plans in Atlantic Canada, and the new advanced equipment is designed to keep our operation streamlined.”
New Brunswick’s primary aquaculture sector contributed $71.8 (€66.5) million to provincial GDP and generated 415 full-year equivalent jobs in 2022.
