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Youngs Bluecrest is to invest £15m at its seafood factories in Hull and Grimsby with the creation of 300 jobs, but about 260 jobs will be lost through the closure of its plant in Gosforth.
Youngs Bluecrest Seafood has acquired Marr Foods, the Hull-based fish processing company with 400 staff.
Youngs Bluecrest is recruiting a further 40 staff at its Scottish scampi processing plant in Annan, as part of a £2m investment at the site.
Youngs Bluecrest is to close a fish factory in Kilkeel, County Down, with the loss of 150 jobs, in order to relocate the scampi processing operation to Scotland.
Youngs Bluecrest, the Grimsby-based fish processing company, is to be sold by Legal & General Ventures to a management buy-out for £137m.
Youngs Bluecrest is planning to recruit a further 100 workers at its Grimsby fish products factory over the next few months.
Youngs Bluecrest has appointed Deutsche Bank to consider its future options, which could lead to the expansion of its fish products business or the sale of Legal & General Ventures' 79% stake.
Youngs Bluecrest is to invest £5m in the upgrade of its fish processing factory at Marsden Road in Grimsby, but another factory in Hull will be closed with the loss of up to 176 jobs.