Aleutian Pribilof Island Community Development Association has announced plans to sell its subsidiary Cannon Fish Co. to E&E Foods, a leader in the seafood industry that has operated in the Seattle area since 1932.
Luke Fanning, chief executive officer of APICDA, said that it was the right time to be selling CFC to a company with deep roots in both Alaska and the Pacific Northwest, which would provide continued employment opportunities for Cannon’s staff.
CFC, a subsidiary of APICDA Joint Ventures since 2013, is a value-added seafood processing and marketing firm that caters to a nationwide network of retailers, restaurants, specialty grocers and institutions. CFC offers a broad range of finfish and value-added options, including its Cannon Fishbrand retail products, custom packaging, portion control and private labeling of salmon, halibut, cod, crab, tuna, swordfish, Mahi Mahi and snapper.
“As an organization, we are focused on leveraging resources to maximize benefits to our CDQ member communities in Alaska,” Fanning said. “The sale proceeds will strengthen our financial position and allow us to build new programs in the Aleutian-Pribilof region that have been identified as high priorities by our board.”
E&E has a large presence in Alaska with shoreside plants in Egegik (Coffee Point Seafoods), Kenai (Pacific Star Seafoods, and Yakutat (Yakutat Seafoods) and a floating processor (Cape Greig) in Bristol Bay and Kotzebue.
APICDA is one of six western Alaska CDQ entities allocated a percentage of all Bering Sea and Aleutian Islands quotas for groundfish, prohibited species, halibut and crab. The CDQ program was established to provide eligible western Alaska villages with an opportunity to participate and invest in fisheries in the Bering Sea and Aleutian Islands, to provide economic and social benefits for residents of these communities.