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Canadians buy Gaeltacht seaweed firm

Wednesday, August 06 11:48:13

Acadian Seaplants Ltd, a Nova Scotia, Canada-based multinational today said it has bought Galway Gaeltacht-based seaweed processing firm Arramara Teoranta for an undisclosed sum.

State development agency, Udaras na Gaeltachta, is a major shareholder in Arramara and the deal was finalised today.

Co Kerry-based Bioatlantis Ltd's CEO John O’Sullivan, last month told a Dail Committee that his firm had previously sought to buy Arramara for around E1.8m upfront and a further E4.2m in the post-investment phase.

He said that he understood that the Canadian firm secured Arramara for around E1.8m.

Jean-Paul Deveau, president of Acadian Seaplants Ltd, said his company intends to invest in research and product development at the Arramara Teoranta facility.

Acadian Seaplants makes seaweed-based products for food, animal feeds, and agricultural markets.

The sale has caused controversy here in Ireland with Udaras denying that the sale includes guaranteed harvesting rights on the west coast.

For more visit: www.businessworld.ie