Norwegian seafood producer Lerøy plans to invest NOK 158 million (€13.8 million) in its factory in Kjøllefjord.
The facility specialises in king crab and handles high-quality white fish for filleting and salting, the company noted.
Børge Soleng, CEO of Lerøy Norway Seafoods said, "This is a significant investment for the seafood producer Lerøy, for Kjøllefjord and for Eastern Finnmark.
"This investment means securing year-round jobs and operations at the plant, as well as good ripple effects in the local community."
The investment will help Lerøy build a more robust and profitable business in the area and provide further opportunities for development.
"We have worked for many years to make this happen, and it is extra gratifying that we are reaching the goal with such a large investment and venture as this is," added factory manager Raimo Sørensen.
The investment will see the demolition of the existing building and the construction of a new one to with new production equipment.
The new building will sit on a 1,534 square-metre space, with construction expected to commence in 2024 and completed in a year.
Investment In Eastern Finnmark
In March of the year, Lerøy decided to invest NOK 204 million in the fillet factory in Båtsfjord.
Together with the new project in Kjøllefjord, Lerøy has invested more than NOK 360 million (€31.4 million) in Eastern Finnmark through these two projects.
Soleng stated, "We have great faith in the production of seafood in Finnmark, and look forward to further developing the potential here."
"Lerøy has an integrated value chain with fishing quotas with extensive obligations, and it is the trawling rights on the sea that make it possible for Lerøy to make these investments on land," he added.
The investment will also create more year-round permanent jobs in the region in whitefish and aquaculture sectors.
It will also help the company achieve its goal of processing more of what is fished in Norway.