The New Jersey Devils dealt veteran forward Brian Rolston to the New York Islanders for forward Trent Hunter on Thursday.
The move will save the Devils a little more than $3 million in cap space for this season. Hunter has two seasons left on his contract, which pays him $2 million per season.
"Every deal is different," Islanders General Manager Garth Snow told NHL.com. "This took a lot of conversations and we're extremely happy to finalize the transaction to bring Brian Rolston to the New York Islanders.
"We're gonna look at every option to make our team better. Like this transaction, if we can find a player that will help us get to the next level, we'll pursue it."
The move by Lamoriello will help in the efforts to re-sign restricted free agent wing Zach Parise to a long-term deal. Parise is scheduled for an arbitration hearing on Aug. 3.
"It was as much a business trade as anything," Devils GM Lou Lamoriello told Rich Chere of The Star-Ledger.
Rolston, 38, recorded 14 goals and 20 assists for 34 points and 34 penalty minutes in 65 games last season. He waived the no-trade clause in his contract to join the Islanders.
"I think on the ice, he's a player that can play the point on the power play and he has a cannon from that position," Snow said. "He kills penalties, he's got great leadership qualities and he's a great veteran presence for us in the locker room. Tremendous work ethic and still a very strong skater. We're excited to have him as an Islander now."
Rolston had 14 goals and 34 points in 65 games for the Devils in 2010-11.
"It's been a rough ride in Jersey," Rolston told The Star-Ledger. "I'm actually happy to go to a place that wants me."
Hunter, 31, joins the Devils after spending nine seasons with the Islanders' organization. He has 99 goals and 229 points in 459 career NHL contests. He was initially acquired by the Islanders from Anaheim on May 23, 2000. Hunter was selected by the Mighty Ducks' in the sixth round (No. 150 overall) in the 1998 Entry Draft. Hunter was limited to just 17 games last season due to a torn MCL, finishing with 1 goal and 4 points.