Silver Bay Seafoods will acquire Trident Seafoods False Pass Facilities

On Friday, June 7^th, 2024, Trident Seafoods and Silver Bay Seafoods announced that Silver Bay is set to acquire Trident Seafoods False Pass processing facility and fuel business on the Alaska Peninsula. This is Silver Bay’s second big move in a region where they already have a presence processing salmon. With this latest addition, Silver Bay will be overseeing salmon at their facilities in Southeast Alaska (Craig, Sitka, Ketchikan), south-central Alaska (Valdez), Kodiak, Bristol Bay (Naknek), and now the Alaska Peninsula (False Pass).

By acquiring the Valdez plant in Prince William Sound and the False Pass plant in Southwest Alaska, Silver Bay has effectively doubled its capacity. The False Pass plant, which Silver Bay opened in 2019, is now an integral part of this expansion.

False Pass is a remote fishing community in southwest Alaska, situated on Unimak Island between the tip of the Alaska Peninsula and the Aleutian Islands. Trident’s False Pass operation was fully dedicated to processing salmon.

“The acquisition of the False Pass operations will create efficiencies between the two neighboring processing plants and includes a fuel facility that provides critical fuel services to the community and fishing fleet,” said Cora Campbell, President and CEO of Silver Bay Seafoods. “This acquisition will allow us to provide better services and more opportunity to our fishermen.”

This week, the salmon season kicks off for drift nets and seine gear in the North and South Peninsula districts. Fishermen have been gearing up and getting their crews ready, while buyers have been positioning tender vessels in preparation for the beginning of the summer season.

“We are pleased to close the transaction and bring security to the peninsula salmon fleet in time for the 2024 season,” said Joe Bundrant, CEO of Trident Seafoods. “I’m confident that Silver Bay will take great care of the fishermen and communities who depend on the False Pass plant and support services, and we wish them every success.”

“We are deeply committed to Alaska’s communities and the seafood sector, and salmon will always be part of who we are. The strategic restructuring decisions have been some of the most difficult of my career. However, focusing our operations is essential so we can continue investing in and modernizing our footprint across Alaska to drive value back into these fisheries,” said Bundrant.

The two companies collaborated closely with local community organizations to make sure the transition works smoothly. They emphasized how important it was to gather input from the local fishing community.

This year, the 2024 projected North Alaska Peninsula salmon harvest is expected to reach 2.5 million fish. This includes 2,000 Chinook salmon, 2.4 million sockeye salmon, 26,000 coho salmon, 20,000 pink salmon, and 84,000 chum salmon. Meanwhile, the 2024 South Alaska Peninsula post-June harvest estimate is 5.3 million pink salmon, with a total run estimate of 7.6 million fish.

Trident Seafoods is North America’s largest vertically integrated seafood harvesting and processing company. With headquarters in Seattle, Washington, it is a privately held, 100 percent USA-owned company with operations in six countries.

Silver Bay Seafoods is a leading processor of frozen salmon, herring, whitefish, and squid products for both domestic and international markets. Starting in 2007 with a single salmon processing facility in Sitka, Alaska, the company has grown into one of the largest seafood enterprises in Alaska, now operating twelve plants across Alaska and the West Coast. Owned by 600 fishermen, Silver Bay’s processing plants are supplied with wild-caught, sustainably harvested seafood that is sold to customers around the globe.