Trident Seafoods says it’s close on deals to sell three of its Alaska processing facilities

Trident's plant in Ketchikan, Alaska
Trident's plant in Ketchikan, Alaska | Photo courtesy of Trident Seafoods
4 Min

Seattle, Washington, U.S.A.-based Trident Seafoods is “entering the final stages” on sales of three of its seafood-processing facilities in Alaska.

In December 2023, Trident announced it was divesting from its plants in Kodiak, Ketchikan, Petersburg, and False Pass, as well as the South Naknek Diamond NN cannery facility and its support facilities in Chignik, as part of a comprehensive, strategic restructuring initiative.

It said on 8 March it is in final-stage negotiations on sales of its False Pass, Petersburg, and Ketchikan plants.

“These are relatively simple, straightforward transactions, and we’re simplifying the deals to facilitate closing as quickly as possible,” Alaska Operations Senior Vice President Jeff Welbourn said in a press release. “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.”

Trident has multiple interested buyers for its Kodiak plant. It said the facility is its “largest and most complex plant, with year-round operations supporting multiple species,” requiring a lengthier due diligence process.

“Even if we don’t close a deal by this summer, Trident will still provide a market for salmon season in Kodiak,” Welbourn said. “This means that our employees and fleet are secure, and we will share a tender strategy soon.”

Trident CEO Joe Bundrant said his company’s effort to sell the plants “are underpinned by a desire to secure buyers who share the company’s values.”

“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,” Bundrant said.

The moves position the company to focus investments on modernizing and retooling its remaining processing plants throughout Alaska, Bundrant said.

Trident, along with other Alaskan seafood processors, faced a difficult financial situation after a very difficult 2023 for Alaska’s processing companies. The company remains one of the largest vertically-integrated seafood harvesting and processing companies in North America, with 9,000 employees and partnerships with 5,400 independent fishers, many in Alaska fishing for salmon, whitefish, and crab. It has global operations in six countries and serves customers in almost 60 countries.

“Trident is committed to Alaska for the long term and finding the best solutions for these plants is important. We care deeply about the fishermen and communities. Their success is our success,” Bundrant said. “Consolidating our operations allows us to focus reinvestments and ensure we’re able to positively contribute to the Alaska seafood sector for many years to come.”

Wellbourn apologized for not providing Trident’s employees with more information about the sale process, citing non-disclosure agreements.

“We know this is an unsettling time, but the company has not been standing still,” Welbourn said.  “We’re moving as quickly as possible to minimize the impacts on the fleet, our employees, and the communities.”

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