Multi-billion dollar and international aquaculture producer Marine Harvest is setting up shop in Newfoundland and Labrador.

The company is spending $15 million to purchase the assets of the Gray Aqua Group of Companies in Atlantic Canada, according to a media release issued Tuesday.

Gray Aqua Group filed for bankruptcy protection in 2013. The company hit financial trouble after being ordered to destroy fish infected by salmon anemia.

The assets being bought include seven farming licences and 17 site applications in the province, the Hermitage processing plant and a hatchery in New Brunswick.

New investment, new potential

"This is significant news for our province's seafood industry," said Minister of Fisheries, Forestry and Agrifoods Steve Crocker in a media release.

"We have committed to growing our salmon aquaculture industry to 50,000 tonnes … We welcome Marine Harvest's interest as yet another testament to the potential for growth in our seafood sector."

atlantic salmon aquaculture

Gray Aqua Group filed for bankruptcy protection after several outbreaks of infectious salmon anemia, which contributed to the company's financial trouble. (Hans-Petter Fjeld/Wikimedia Commons)

Marine Harvest employs 11,700 people and the company provides farmed salmon and processed seafood to more than 70 markets, according to the media release.

Before it's considered a done deal, the Court of Queen's Bench of New Brunswick has to approve the transaction.