Nova Scotia seaweed processor purchases Irish firm with EDC help
Acadian Seaplants deal to buy Arramara Teoranta financed by RBC with EDC loan guarantee
HALIFAX—A Nova Scotia seaweed processor has bought an Irish seaweed firm with the assistance of Export Development Canada (EDC).
Jean-Paul Deveau, president of Acadian Seaplants Ltd., says financing for the deal to buy Arramara Teoranta came from RBC and the federal loan guarantee.
He says the company intends to invest in research and product development at the Arramara Teoranta facility.
The company currently buys from about 250 seaweed harvesters in Nova Scotia and 900 in other locations.
It exports its products to more than 80 countries.
Acadian Seaplants makes seaweed-based products for food, animal feeds and agricultural markets.
No financial details of the transaction were made available in a news release from EDC announcing the purchase.