• The company’s plans to relocate concessions are moving forward in Chile
Cooke announced a few days ago that the company has entered into a Share Purchase Agreement (SPA) to acquire the salmon farming operations of Mowi Canada East. The transaction, valued at USD 160.24 million, excluding debt, and involving a business with an annual production of 9,000 metric tons, is expected to be completed during the second half of 2026. The acquisition remains subject to due diligence and customary closing conditions, including regulatory approvals.
“This is an exciting growth opportunity for our Atlantic Canada operations. We look forward to welcoming Mowi Canada East’s 250 employees to Cooke, and to working together to grow the sector and sustainably farm Atlantic salmon for customers in this region and beyond,” said Glenn Cooke, CEO of Cooke, after the announcement.
Mowi has operations in New Brunswick, Prince Edward Island and Newfoundland and Labrador, including freshwater hatchery facilities, sea farming sites and two processing plants. Standing salmon biomass was 9k GWT as of the end of June. As a result of this divestment, Mowi has lowered its production forecast for 2026 to 600,000 metric tons, down from the previously estimated 605,000 metric tons.
Committed to Growing the Sector
Atlantic Canada’s finfish aquaculture sector employs over 9,400 people, generates USD 3.2 billion in economic output, produces more than 356 million meals annually and supports more than 1,400 local businesses, contributing over USD 600 million in additional economic activity, highlighted Cooke.
“Cooke is committed to growing the sector and continuing to invest in the region’s rural coastal communities,” says Cooke. “Our immediate objectives will be to stabilize and reinvest in the operations through synergies with our existing farming operations across Atlantic Canada.”
The Largest Private Family-Owned Seafood Company
Cooke Inc. was established in 1985 by the Cooke family in New Brunswick, Canada. From humble beginnings of one farm site and 5,000 salmon, Cooke Inc. is the largest private family-owned seafood company in the world employing 15,000 people in 16 countries. The Cooke family of companies operate global aquaculture and wild fishery divisions providing a sustainable seafood source reaching tables all over the world.
“Cooke’s core purpose is to cultivate the ocean with care, nourish the world, provide for our families and build strong communities,” they say.
Relocation of Concessions in Chile
A few days later, and although the National Reconstruction Plan has not yet been approved by the Chilean Congress, Cooke Chile reported that they had submitted a new proposal for the relocation of its concessions, involving the division, merger, and relocation of a salmon farm, in accordance with the provisions of the General Law on Fisheries and Aquaculture.
The objective of the project, which involves an investment of USD 6 million, is the construction and operation of a salmon farm through the Aquaculture Concession Relocation procedure, specifically via the division and merger of a farm — referred to as “original concessions.” The concessions will be relocated to a new sector, or “replacement concession,” northwest of Estero Iclai, located in the municipality of Aysén, Aysén Region.
There, a salmon farm will be established and operated within an Area Suitable for Aquaculture and in accordance with regional coastal zoning regulations. According to Cooke Chile, the project’s location will comply with all regulatory requirements.
A salmon farm will be established and operated there, in an Area Suitable for Aquaculture and in accordance with regional coastal zoning regulations. According to Cooke Chile, the project’s location will comply with all regulatory requirements.
The project will be developed at sea, covering an area of 3.2 hectares, and will include a farming module and 10 square net pens measuring 40x40x15 meters, with the goal of producing a maximum of 7,000 metric tons of Atlantic salmon over a total cycle of 15 months.
Alternatively, the facility could operate with coho salmon, with an estimated maximum production of 3,220 metric tons over a cycle of approximately 8 months.
In addition to complying with the regulatory framework governing aquaculture, this project aims to contribute to regional development through sustainable practices, as detailed by Cooke Chile in the Environmental Impact Statement.
