US seafood harvester and processor Trident Seafoods is entering the final stages of closing deals for three of its Alaska shoreside plants, with multiple parties interested in a fourth plant. The Seattle, Washington, -headquartered company announced in December 2023 that it is seeking buyers for the four plants as part of a comprehensive, strategic restructuring initiative.
According to Trident, efforts to sell the plants are underpinned by a desire to secure buyers who share its 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,” said Joe Bundrant, CEO of Trident Seafoods.
Information has been sparse since the announcement, as interested parties entering negotiations are bound by non-disclosure agreements.
“We know this is an unsettling time, but the company has not been standing still,” said Jeff Welbourn, Senior Vice President of Alaska Operations. “We’re moving as quickly as possible to minimize the impacts on the fleet, our employees, and the communities.”
The company is close to finalising sales of its seasonal plants in Petersburg, Ketchikan and False Pass.
“These are relatively simple, straightforward transactions, and we’re simplifying the deals to facilitate closing as quickly as possible,” said Welbourn. “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 is speaking with multiple interested buyers for its fourth plant in Kodiak. As the largest and most complex plant, with year-round operations supporting multiple species, the complexity of the operations makes this 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,” said Welbourn. “This means that our employees and fleet are secure, and we will share a tender strategy soon.”
“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,” said Bundrant. “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.”
