Officials with Trident Seafoods say they are close to finalizing sales of seasonally operated processing facilities at False Pass, Petersburg and Ketchikan, saying these are relatively simple, straightforward transactions being facilitated as quickly as possible.
Trident Seafoods said in a statement on its website on March 8 that the privately owned seafood processing company is in the final stages of closing deals on those three plants. The company announced on Wednesday that agreement has been reached in principle for Silver Bay Seafoods to acquire Trident’s Ketchikan processing facility. The companies are engaged in a standard due diligence process and the sale is expected to be finalized in April.
The sales are part of a comprehensive, strategic restructuring initiative, which includes securing buyers who share the company’s values, Trident said.
“We have been intentional about finding buyers who will take great care of the fleet and employees and who will integrate themselves into the communities,” said Joe Bundrant, CEO of Trident Seafoods.
Trident acknowledged that information about these sales has been sparse, due to parties involved in negotiations being bound by non-disclosure agreements.
Jeff Welbourn, senior vice president of Alaska operations for Trident, said that Trident is moving as quickly as possible to minimize the impact of the sales on the fleet, its employees and communities.
“We are keenly aware of the upcoming salmon season, and we are confident that the buyers, with Trident’s support, will be able to communicate with the fleet, employees, and tenders in the coming weeks,” Welbourn said.
Meanwhile Trident is communicating with several interested buyers for its fourth plant in Kodiak, a facility operated year-round for processing of multiple species.
“Even if we don’t close a deal by this summer, Trident will still provide a market for salmon season in Kodiak,” said Welbourn. “This means that our employees and fleet are secure, and we will share a tender strategy soon.”
Bundrant said the company, founded by his father Chuck Bundrant, is committed to Alaska for the long term and that finding the best solutions for these plants is important.
The seafood industry is in the midst of global economic woes and Trident Seafoods, like others, is engaged in some consolidation to assure a future for its operations.
Trident Seafoods, which is privately held and 100% American owned, has headquarters in Seattle. Trident is the largest vertically integrated seafood harvesting and processing company in North America, with global operations in six countries serving customers in nearly 60 countries.
Trident employs about 9,000 people worldwide annually, and partners with over 5,400 independent fishermen and crew members.
