Pacific Seafood Agrees to Acquire Trident’s Kodiak Facilities

In a joint statement released Oct. 14, Trident Seafoods and Pacific Seafood said they anticipate Pacific Seafood acquiring Trident’s Kodiak, Alaska processing facilities next month.

The two companies said they were completing the due diligence process and expected to finalize that transaction in November.

Meanwhile, both companies have said they’re united in their commitment to provide job security and ensuring continuity of operations.

Trident Seafoods CEO Joe Bundrant said it’s a bittersweet moment for him, but that he’s confident that Pacific Seafood is the right partner to serve Kodiak. Bundrant, who was born in Kodiak, said he felt a special connection to the community.

Pacific Seafood CEO and President Frank Dulcich said his Clackamas, Oregon-based company is excited about expanding its Kodiak operations and leveraging its diverse national and international distribution channels to provide more opportunities for its team members and fleet.

Pacific Seafood said that it plans to retain all employees at the Trident facilities as part of the deal.

Along with its Kodiak operations, Pacific Seafood has ties to many of the Kodiak fleet who migrate around the Pacific Northwest. Its combined operations are to be led by Ashton Meier, Pacific Seafood’s vice president of processing, who has more than 20 years of experience in processing and global seafood markets.

Alaska’s seafood industry has been hard hit by a combination of events, from the COVID-19 pandemic to climate change impacts on the ocean and fisheries to global marketing challenges.

On Oct. 9, NOAA Fisheries released a new report showing that Alaska’s fishing industry had a $1.8 billion loss in 2022 and 2023, and that the state’s commercial fisheries saw an overall decline of 50% in profitability from 2021 through 2023.

In December 2023, Trident Seafoods announced a restructuring plan that included sale of four Alaska processing plants as the company continued to modernize and invest in its other Alaska operations.

Source: https://fishermensnews.com/pacific-seafood-agrees-to-acquire-tridents-kodiak-alaska-facilities/