Clearwater Seafoods Preparing to Sell
HALIFAX-A major Nova Scotia seafood company says it may soon sell the business.
Clearwater Seafoods Inc. confirmed today it has formed a special committee to evaluate “strategic alternatives” for the company, including a sale.
The move comes after Clearwater received several informal offers from potential buyers.
In a March 5 press release, the company said it is “timely, prudent and in the best interest of the company” to consider those offers.
Although selling the business isn’t the only option the special committee will look at, Clearwater says options to sell most or all of its assets, an outright sale of the business, or a merger with another company are all on the table.
Clearwater says it won’t give any more details about these possible developments until its board of directors has approved a transaction. It also says there’s no guarantee it will go through with a sale.
It also said it has no firm timeline set for making a decision.
Founded in 1976, Clearwater is one of the largest seafood companies in North America, with just over 1,000 full-time employees working in Nova Scotia.
Last year, the company had its second-highest sales year ever, bringing in just over $616 million.
On March 3, when the company released its sales numbers for 2019, company spokespeople said that the spread of Coronavirus will “continue to create industry headwinds in 2020.”
“In response, Clearwater has taken, and will continue to pursue timely and carefully considered measures” to keep the company afloat, it said.