16 March 2010

Quiet: Genius at Work

Those people who worked diligently to smash FPI into tiny bits can see how much their handiwork is benefitting people who don’t live in Newfoundland and Labrador:

Around the world, he could see two models of integrated seafood companies that were able to grow: They focused on being very efficient at primary production, or they specialized in value-added processing, sales and marketing.

High Liner took the second tack and Mr. Demone eventually got out of the fishing fleet business, which had been his company's, and his family's, historical foundation.

The company got another boost recently by picking up assets in the selloff of FPI Ltd., a troubled seafood company based in St. John's. That brought a strong food service business in the United States, as well as production capacity in Newfoundland and Labrador. Recent results reflect the first synergies from that purchase, Mr. Demone says.

Meanwhile in Newfoundland and Labrador, the geniuses who brought you the original fiasco are still at work offering the same old solutions to the same old problems.