Trident Seafoods is selling its processing facility in Ketchikan, Alaska, U.S.A. to Silver Bay Seafoods.
Trident and Silver Bay are two of Alaska’s largest seafood processors. Trident announced in December 2023 it was aiming to sell its Ketchikan plant, along with its facilities in Kodiak, Petersburg, False Pass, as well as its support facilities in Chignik. In a 8 March update, Trident said it was close to finalizing sales of its Ketchikan, False Pass, and Petersburg plants.
“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,” Trident Seafoods CEO Joe Bundrant said. “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.”
The sale is currently in the due diligence process, and the parties are “negotiating final deal documents,” according to a Trident press release, which said the sale is expected to be finalized in April 2024.
“The parties expressed a mutual commitment to a smooth transition for the benefit of all stakeholders,” Trident said.
The Ketchikan plant, which exclusively processes salmon, is located approximately 100 miles north of the Canadian border in the southeast panhandle of Alaska. The facility is equipped to process fresh and frozen salmon and to pack and ship fresh salmon in season for direct distribution.
Silver Bay President and CEO Cora Campbell said her company will operate the Ketchikan facility, along with its other plants in Southeast Alaska, which are located in Sitka and Craig, for the 2024 salmon season.
“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,” Campbell said.
Founded in 2007, Silver Bay Seafoods is an integrated processor of frozen salmon, herring, whitefish, and squid products for U.S. and export markets. It operates nine domestic processing facilities throughout Alaska and the U.S. West Coast.
Trident and Silver Bay said they will work with any employees impacted by the transaction “over the coming weeks to provide more details as they become available.”
