Image: Trident Seafoods / FIS

Silver Bay Seafoods to Acquire Trident Seafoods’ Ketchikan Plant

UNITED STATES
Friday, March 15, 2024, 07:00 (GMT + 9)

The parties expressed a mutual commitment to a smooth transition for the benefit of all stakeholders.

Trident Seafoods and Silver Bay Seafoods jointly announced that the companies have reached an agreement in principle for Silver Bay to acquire Trident’s Ketchikan processing facility. The companies are currently engaged in a standard due diligence process and negotiating final deal documents. The sale is expected to be finalized in April 2024.

Located approximately 100 miles north of the Canadian border in the Southeast panhandle of Alaska, Trident’s Ketchikan facility is dedicated entirely to processing salmon. In addition to canned and frozen salmon, the plant also packs and ships fresh salmon in season for direct distribution.

“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,” said Cora Campbell, President and CEO of Silver Bay Seafoods. “We look forward to operating the Ketchikan facility, along with our other Southeast facilities in Sitka and Craig, for the 2024 salmon season.”

“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 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.”

Trident and Silver Bay said they will work with those affected over the coming weeks to provide more details as they become available.

Source: Trident Seafoods

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