Freshpack enters US market by acquiring 50% of VIP Seafood
Freshpack is making a strategic move in acquiring 50% of Canada's VIP Seafood in a deal that allows the French company to gain access to the US market, reports Seafood Source magazine.
"We signed an exclusive agreement to market raw lobster meat, cold-extracted using a high-pressure process, and immediately frozen. As it has agreements with major U.S. distributors, we will also access this outsized market to distribute our products: king crab meat, cooked dishes, shrimp, and more.", explained, Freshpack Co-Director Franck Paque.
This is the second move done this way by the French company, after, in 2015, it bought 50% of salmon supplier Direct Ocean from Philippe Barbe for an unspecified price.
Last month, Freshpack won "The Best HORECA product" award, in a ceremony held at Seafood Expo Global in Brussels, Belgium, for its high pressure shelled raw king crab meat.
EU and Canada have a provisional free trade agreement that allows companies from both sides of the Atlantic to invest and export different products, including food, under CETA umbrella. Meantime, being a shareholder in one of the Canadian seafood companies allows Frespack to use the NAFTA agreement in order to deliver its product on the other two North American markets: Mexico and United States.
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