Lobster Fishermen Set Up Co-op in Newfoundland and Labrador

April 24, 2012, 3:15 PM EST

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Following meetings in Marystown, Harbour Breton and Stephenville, more than 300 lobster fishermen in Newfoundland and Labrador have decided to set up a co-op to buy their lobster.

FFAW/CAW lobster harvester members voted to form their own company following the meetings on April 22. The company will be based on co-operative principles and will begin buying lobster at prices set by the province's Fish Price Setting Panel.

"This comes as a result of the companies, represented by the Seafood Producers of Newfoundland and Labrador, refusing to buy lobsters this season," the FFAW said.

"We have to have more of that fishery returned to the primary producer," said FFAW President Earle McCurdy. "There's no real processing content there. Essentially people buy it and flip it.so the idea is to cut down on cost and get as much of the return as we can to the primary producer," McCurdy told CBC News.

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