The President of Icewater Seafoods says nearly $4 and a half million in funding – much of which comes through through the Atlantic Fisheries Fund – will go a long way in keeping his Arnold’s Cove cod plant competitive with the best in the world.
The money, 75 per cent of which is in the form of a conditionally repayable loan, will help the company develop what’s being called a world class Ice Management System. Icewater is contributing the remaining $1.2-million.
President Alberto Wareham says they will be on par with some of the best plants in Norway and Iceland.
He says those plants are always investing in their facilities, and in order to maintain their customer base and build the business they have to make big investments.
The funding was announced even as recent northern cod stock assessments show the stock at critical levels. Wareham says it’s important to stay current to stay competitive.
He says they’ve processed only cod at the plant since the 1980s and survived the cod moratorium. He says it’s about continuously investing in their business.