A funding boost of $100,000 from the provincial government should help Codroy Seafoods deliver a better product to both the local and out-of-province marketplace.
Fisheries and Aquaculture Minister Keith Hutchings announced the money for the southwestern Newfoundland fish processor in a press release issued Wednesday morning.
The money, which will come out of the province’s Fisheries Technology and New Opportunities Program, will go towards a new cooling system. The new equipment will enhance the company’s holding tanks so they can hold more live lobsters for a longer period of time.
The system will help Codroy Seafoods increase its lobster processing activities, maintain the quality of its seafood and provide better service to domestic and international markets.
“This new equipment will help Codroy Seafoods pursue increased sales around the world and provide better service to local consumers so they do not have to rely as much on product shipped in from the Maritimes during the off-season,” John Osmond, owner of Codroy Seafoods, stated in the press release. “This means great things for the harvesters we buy from and our workforce of more than 70 employees at our plant.”
Osmond said the company hopes to install the new system this year. The project will involve the installation of the cooling equipment and associated plumbing work as well as other labour, all of which is expected to generate further economic benefits in the region.
“This will result in more product being purchased from harvesters, more hours of work for plant employees, greater availability of lobster to local buyers and increased economic activity for communities in the region,” Hutchings said in the prepared statement.
Codroy Seafoods ventured into lobster processing in 2010 and has since gained an international customer base. By increasing the company’s capacity to hold product, Codroy Seafoods will be in a better position to manage the large volume of lobster that comes in over the course of the province’s relatively short season and provide live product to consumers after the season traditionally closes in late June or early July.
Being able to hold product longer will also help the company avoid having to sell its product when the greatest volume of lobster is placed on the market, which is expected to help the company achieve better prices.
In addition to lobster, Codroy Seafoods also produces products from other shellfish and from groundfish and other species.