Silver Bay's acquisition of San Pedro halted
Silver Bay Seafoods and San Pedro plant owner, Tri Marine Fish Company, have mutually agreed to cease further discussions regarding Silver Bay’s acquisition of the coastal pelagic processing plant in San Pedro, California.
The acquisition was first announced late last year but this latest move follows several months of discussions between the parties. The decision is unrelated to the Bolton acquisition of Tri Marine’s tuna supply chain announced earlier this month.
The San Pedro facility will remain under the management and control of Renato Curto. “I have always loved this plant and my team in San Pedro,” said Mr Curto. “I now have an opportunity to focus on this important segment of our business. Its strategic location, top fishing fleet and reputation for quality reinforce our commitment to the California wetfish fishing and processing community.”
Located within the Port of Los Angeles, the processing plant is capable of freezing more than 300 tonnes per day of squid, sardines, anchovies or mackerel per day, and can export its products efficiently using refrigerated container services.
“We have great respect for the team at this facility and admire the quality and efficiency of its operations,” said Cora Campbell, president and chief executive of Silver Bay Seafoods. “While the time was not right to complete the acquisition, the Silver Bay Seafoods team looks forward to continuing our existing operations in California.”
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