Silver Bay to buy another of Trident's Alaska plants

Just over a month ago in April, Trident Seafoods completed the sale of its Ketchikan plant to Silver Bay Seafoods, following the agreement reached in March. Now, the two companies have announced a new understanding for another of the four plants Trident put up for sale in Alaska last December. The deal is this time for the acquisition of Trident's False Pass facility, which includes a processing plant and a fuel business.

Better services and more opportunities to fishermen

Located in the community of False Pass, a remote southwest Alaska fishing community on Unimak Island, situated between the tip of the Alaska Peninsula and the Aleutian Islands, Trident's False Pass operation is entirely dedicated to salmon processing. In addition, the facility is located adjacent to the False Pass processing plant that Silver Bay opened five years ago in 2019.

"The acquisition of the False Pass operations will create efficiencies between the two neighboring processing plants and includes a fuel facility that provides critical fuel services to the community and fishing fleet," said Cora Campbell, President and CEO of Silver Bay Seafoods on commenting the agreement. "This acquisition will allow us to provide better services and more opportunity to our fishermen."

For his part, Joe Bundrant, CEO of Trident Seafoods, expressed his satisfaction with the timing of the agreement, and what it means for the community. "We are pleased to close the transaction and bring security to the peninsula salmon fleet in time for the 2024 season," he stated. "I'm confident that Silver Bay will take great care of the fishermen and communities who depend on the False Pass plant and support services, and we wish them every success."

"Salmon will always be part of who we are"

To ensure a smooth transition for all stakeholders, Trident and Silver Bay structured the transaction with the "valuable input" of local community organizations, reflecting their shared commitment to the fishing community.

"We are deeply committed to Alaska's communities and the seafood sector, and salmon will always be part of who we are," said Bundrant. "The strategic restructuring decisions have been some of the most difficult of my career," he continued. "However, focusing our operations is essential so we can continue investing in and modernizing our footprint across Alaska to drive value back into these fisheries."

Since the reshuffle was announced, Trident Seafoods has been keen to emphasize that its priority was to fulfill its commitment to the fleet, communities, and all Alaskan stakeholders. Thus, it has managed to sell its Alaskan seasonal plants to other local operators - in addition to Sylver Bay Seafoods' acquisitions in Ketchikan and False Pass, Trident sold its Petersburg plant to E.C. Phillips & Son - and do so in time for the 2024 salmon season.

Moreover, while it moves forward with confidential negotiations for its sale, Trident will continue to operate its Kodiak plant – which is larger and operates nearly year-round with multiple species - during the "B" season.