Following the closing of the purchase of Trident Seafood's processing plant in Ketchikan, the new owner, Silver Bay Seafoods, plans to operate the facility as early as the 2024 salmon season.
Photo: Trident Seafoods LinkedIn page.
Earlier this week, we reported Trident Seafoods was about to close deals for the sale of three of the four Alaska plants it hung the 'for sale' sign in December. Today, the company and Silver Bay Seafoods have issued a joint statement announcing they have reached a sale agreement for Silver Bay to acquire Trident's Ketchikan processing facility.
Usually rivals, the companies are currently engaged in a standard due diligence process and negotiating the final deal documents. According to the announcement, the sale is expected to be finalized in April 2024.
Of the three sale deals Trident was about to close earlier this week for the Petersburg, False Pass and Ketchikan plants, the latter has finally been the first to reach a firm agreement. Located approximately 100 miles north of the Canadian border in southeast Alaska, the facility is dedicated entirely to salmon processing.
In addition to canning and freezing salmon, Ketchikan also packages and ships fresh salmon in season for direct distribution, something that will be done under the Silver Bay Seafoods brand starting this year, according to President and CEO Cora Campbell.
"We are excited to add this facility to the Silver Bay family and appreciate Trident’s focus on finding the best solution for the community, employees, and fleet," she said. "We look forward to operating the Ketchikan facility, along with our other Southeast facilities in Sitka and Craig, for the 2024 salmon season."
Since announcing the sale of four of its Alaska plants - in addition to Ketchikan, the Petersburg and False Pass salmon processing facilities, and the Kodiak multispecies facility are for sale - Trident Seafoods has emphasized its desire to find buyers who share the company's values and its commitment to its employees, the fleet and the community.
"Trident and Silver Bay are structuring the transaction around a shared goal of ensuring a seamless transition that supports the fleet, employees, and the Ketchikan community," said now Joe Bundrant, CEO of Trident Seafoods. "As difficult as it is to part with the Ketchikan operation, it will be a great addition to Silver Bay’s portfolio. More importantly, Silver Bay will be a great partner to the many stakeholders dependent on this plant."
As mentioned above, the sale is scheduled to end in April 2024. Both companies stated that, in the coming weeks, they will work with all affected parties to provide more details on the sale agreement as they become available.