High Liner Foods eyes more acquisitions to double profit
High Liner Foods Inc would be looking to make more acquisitions to double its profit in the next two years. Chief Executive Officer Henry Demone said the company had been aiming to be the largest frozen seafood company in North America. He added that the company planned to increase earnings before interest and taxes to USD 150 million in two years. Last year, High Liner posted earnings of USD 80.7 million.
In a telephone interview with Bloomberg, "We're very focused -- North America, frozen seafood, brand equity, reasonable profitability, we're looking for those kinds of businesses."
Last week, High Liner purchased American Pride Seafoods for USD 34.5 million. It was its fourth acquisition in six years. In 2007, High Liner bought Fishery Products International for USD 139 million. It also bought Viking Seafoods in 2010.
Demone did not discuss possible acquisitions it would be making. However, he said acquisitions would allow them to gain synergies. He said consolidating businesses would result to as much as 80% in savings in their earnings.