High Liner Foods Incorporated, Lunenburg, Nova Scotia, said it entered "exclusive discussions" with Icelandic Groupto acquire Icelandic's U.S. and Asian processing assets.

High Liner said it its still discussing terms and conditions, which would still be subject to final board approvals. High Liner also is still completing its due diligence review, officials added. As such, there can be no assurance that a final agreement will be reached.

Icelandic Group HF, Reykjavík, has a U.S. plant and office in Newport News, Va., and a northwest office in Woodinville, Wash.

High Liner Foods' branded products are sold throughout the United States, Canada and Mexico under the High Liner(®), Fisher Boy(®), Mirabel(®), Sea CuisineTM and Royal Sea® labels, and are available in most grocery and club stores. The company also sells its High Liner(®), FPI(®), Viking(TM) and Mirabel(®) foodservice products to restaurants and institutions, and is a major supplier of private label seafood products to North American food retailers and food service distributors.