The Government of Canada has granted a repayable investment to local fish processing company Icewater Seafoods to modernise its cod production plant in Arnold’s Cove, Newfoundland.

Icewater Seafoods is a family owned company that exports its products to premium markets across Europe.

The firm is reported to be the only processor in North America to be dedicated to full-time Atlantic cod production.

"We compete with the best cod plants in Iceland and Norway, so our customers demand a premium product from world-class operations."

The C$2.6m ($1.9m) investment from Atlantic Canada Opportunities Agency’s (ACOA) Business Development Programme (BDP) is expected to help the company stay competitive within the global market.

Canada Minister of Innovation, Science and Economic Development and Minister responsible for ACOA Navdeep Bains said: “The Government of Canada is committed to helping connect Canadian businesses with global customers, supply chains and technologies, which creates good jobs and economic growth at home.

“This investment in Icewater Seafoods supports an export-focused business, which is integrating innovative technology to fuel growth.”

The company has used the funding to install new groundfish technology at its Arnold’s Cove plant, which was originally built in 1979.

In addition, Icewater has worked with Germany-based Baadar Group in order to leverage its European processing system as the basis for an integrated solution, which has been adapted for cod processing applications.

The upgrade is expected to further enhance the quality of the cod processed at the facility with finer cuts and a higher value yield.

The investment has also helped to sustain work opportunities for nearly 200 full and part time employees situated within Canada’s rural Newfoundland and Labrador regions.

Icewater Seafoods CEO Alberto Wareham said: “We compete with the best cod plants in Iceland and Norway, so our customers demand a premium product from world-class operations.

“This new Baader filleting and skinning equipment is an important part of maintaining our reputation for delivering on those expectations.

“We have already seen an improvement in the texture and the new equipment allows us to fillet larger fish.”