North Pacific Seafoods on Wednesday confirmed that it agreed to acquire the Red Salmon seafood processing plant — one of Alaska’s largest sockeye salmon producers — in Naknek, Alaska, from Yardarm Knot.
The Seattle-based company is a subsidiary of Marubeni Corp. of Japan, which said in a press release on Thursday that the deal is valued at about USD 47 million.
With a focus on sockeye salmon and herring, the Red Salmon facility has the capacity to produce 500,000 pounds of frozen seafood and 10,000 cases of canned seafood per day. The 73-acre facility is situated on the north shore of the Naknek River along Bristol Bay and employs about 450 people during peak production. In addition to the Red Salmon facility, the acquisition also includes a minority interest in eight tender vessels.
With the purchase, North Pacific now owns five Alaska seafood processing plants, including Sitka Sound Seafoods in Sitka, Alaska Pacific Seafood in Kodiak, Togiak Fisheries in Togiak and Pederson Point, also in Naknek.
The acquisition will give North Pacific access to more a diverse product range and more product volume.
“With the Red Salmon plant, we will have salmon canning capability and greater freezing and filleting capacity,” said Tom Miki, president of North Pacific. “The location in the heart of Bristol Bay, one of the best managed fisheries in the world, is also a great advantage. We now have three strategic locations in Bristol Bay to better serve the fishing fleet and process fish from this region.”
Miki said North Pacific plans to retain Red Salmon’s management team and staff. “Anytime you blend two successful operations, you get a stronger company,” he said.
