Canada: 'Fifth-largest company in the world in aquaculture' receives government loan

ST. GEORGE (NB Business Journal).- Cooke Aquaculture Inc.'s three-year bid to restructure its business and become more competitive is receiving a $3-million provincial loan, government and company officials announced Friday.

The province's largest aquiculture firm has invested millions of its own funds in new technologies and upgrades for its saltwater, freshwater and processing divisions.

The developments, including larger cages and nets and new service vessels to support farm operating standards, have created 230 jobs, with nearly 200 positions already filled.

Premier Shawn Graham said the province's loan will assist the company with these capital investments, on the condition the jobs are maintained.

"Cooke Aquaculture is not just a Canadian leader, they are a world leader," said Graham. "They are now the fifth-largest company in the world in aquaculture with a home base here in New Brunswick."

Cooke owns every area of the aquaculture business, from eggs to plates. It has acquired 10 hatcheries and over 100 aquaculture farms in the Atlantic region, Maine and Chili.

The firm operates an equipment and manufacturing division for its cages and nets, a processing facility, feed mill, trucking company, and a value-added plant that processes fish into other products, including spiced and smoked fish, kabobs and burgers.

"We've made investments in our freshwater facilities in order to bring them into common, corporate standards, and to ensure a consistent bio-security and disease management strategy," said Michael Cooke, chief operating officer.

"On the processing side, we are investing in new technology that is increasing our yield and capacity."

The company, said Cooke, has also invested in its information technology division to support the entire business. A recent development in this area involves a pilot project for new air- and water-temperature monitoring systems, which sends this critical information to a database.

The systems, currently being piloted at two farms in Belleoram, N. L., and one at Green's Point, N.B., are able to detect water temperature changes that could wipe out fish stocks if they fall below zero degrees.

The detection systems send signals to company employees via Internet Protocol Phones, allowing them to adjust their feed and inspection schedules.

"In order to support these investments, we are also building our IT team and their capacity to service every division with a sophisticated communications and information-sharing system.

"All of these investments mean more jobs for today and also for our future - this is an exciting time for our industry," said Cooke.

The company's hiring bonanza, expected to be completed this year, comes as many Charlotte County firms struggle to fill vacant spots. Cooke is no stranger to the regional trend that sees workers leave their Atlantic jobs as they opt for work westward.

But the company maintains its employment needs can draw ex-patriots back home, while it also looks to foreign workers, hiring people from eastern Europe and the Philippines.

"It is our hope that we can keep our young people here, bring some of them back and attract highly qualified and dedicated immigrants to our communities," said Cooke.

Source: http://nbbusinessjournal.canadaeast.com