US-based company Silver Bay Seafoods has bought an Alaskan processing facility from local peer Trident Seafoods.
The plant, located in False Pass, is dedicated to processing salmon. Financial terms of the deal were not disclosed.
The facility is located close to Silver Bay Seafoods’ own processing plant in False Pass, which opened in 2019.
Silver Bay Seafoods, which is owned by 600 fishermen, is a processor of frozen salmon, herring, whitefish and squid products for the US and for export markets.
Cora Campbell, Silver Bay Seafoods’ president and CEO, said: “This acquisition will allow us to provide better services and more opportunity to our fishermen.
“The acquisition of the False Pass operations will create efficiencies between the two neighbouring processing plants and includes a fuel facility that provides critical fuel services to the community and fishing fleet.”
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By GlobalDataSeattle-based Trident Seafoods has been reshaping its business through the sale of assets in Alaska.
In April, Silver Bay Seafoods and Trident Seafoods jointly announced that the companies have closed Silver Bay Seafoods’ acquisition of Trident’s Ketchikan processing facility.
In March, the privately-held business, which has operations in six countries, sold its processing plant in Petersburg, Alaska, to local peer E.C. Phillips & Son.
Joe Bundrant, the CEO of Trident Seafoods, said: “The strategic restructuring decisions have been some of the most difficult of my career. However, focusing our operations is essential so we can continue investing in and modernising our footprint across Alaska to drive value back into these fisheries.”
Founded in 2007 and headquartered in Sitka in Alaska, Silver Bay Seafoods operates 12 factories in the US throughout Alaska and the West Coast.
In January 2023, Silver Bay snapped up another Orca Bay Foods, another US-based seafood supplier.
