Silver Bay Seafoods, a US-based company, has recently made a strategic acquisition by purchasing an Alaskan processing facility from local peer Trident Seafoods. The plant, located in False Pass, specializes in processing salmon. This acquisition will enable Silver Bay Seafoods to enhance its services and provide more opportunities to its fishermen. The facility is situated near Silver Bay Seafoods’ own processing plant in False Pass, which began its operations in 2019.
Owned by 600 fishermen, Silver Bay Seafoods is known for processing frozen salmon, herring, whitefish, and squid products for both the US market and export markets. Cora Campbell, the President and CEO of Silver Bay Seafoods, expressed excitement about the acquisition, stating that it will create efficiencies between the two neighboring processing plants. In addition, the acquisition includes a fuel facility that offers critical services to the community and fishing fleet.
Trident Seafoods, based in Seattle, has been undergoing a restructuring phase, divesting some of its assets in Alaska. In a previous transaction, Trident Seafoods sold its processing plant in Petersburg, Alaska, to E.C. Phillips & Son. Joe Bundrant, the CEO of Trident Seafoods, emphasized the importance of focusing operations to invest and modernize their footprint across Alaska, thereby driving value back into the fisheries.
Silver Bay Seafoods, established in 2007 and headquartered in Sitka, Alaska, operates 12 factories across the US, spanning Alaska and the West Coast. In a separate deal, Silver Bay Seafoods acquired Orca Bay Foods, another US-based seafood supplier, in January 2023.
This strategic acquisition aligns with Silver Bay Seafoods’ commitment to enhancing its operational capabilities and expanding its market presence in the seafood industry. It also reflects the company’s continuous efforts to drive growth and innovation in the competitive seafood market landscape.
