Kodiak, Alaska – October 14, 2024 - Trident Seafoods and Pacific Seafood jointly announced that they have reached an agreement in principle for Pacific to acquire Trident’s Kodiak processing operations. The companies are currently completing the due diligence process and expect to finalize the transaction in November.
Both parties are united in their commitment to providing job security and ensuring continuity of operations.
"Our top priority is to reassure employees and the fleet that this is a handoff, not a shutdown," said Joe Bundrant, CEO of Trident Seafoods. "We are committed to a smooth transition with Pacific Seafood, so they are well prepared to operate for the 2025 A season."
"We are excited about this opportunity to expand our Kodiak operations and leverage our diverse national and international distribution channels to provide even more opportunities for Kodiak team members and the fleet," said Frank Dulcich, President and CEO of Pacific Seafood. Pacific Seafood plans to retain all employees as part of the transaction.
Trident’s Kodiak facilities process pollock, salmon, Pacific cod, halibut, flatfish, rockfish, crab, and herring.
"Pacific Seafood’s expertise, value-added capabilities, and robust distribution infrastructure position them well to bring immediate value to the wide variety of species harvested in Kodiak," Bundrant said.
Pacific Seafood is an experienced operator with existing operations in Kodiak and ties to many of the Kodiak fleet who migrate around the Pacific Northwest. The combined operations will be led by Ashton Meier, Pacific Seafood’s Vice President of Processing, who has over 20 years of experience in processing and global seafood markets.
"I was born in Kodiak, and I feel a special connection to the Kodiak community and its people,” added Bundrant. "This is a bittersweet moment for me, but I’m confident that Pacific Seafood is the right partner to serve this community with passion and integrity."
In December 2023, Trident announced a restructuring plan, including selling four Alaska processing plants, to continue modernizing and investing in its other Alaska operations. Trident and Pacific expressed concern about the competitive challenges facing shoreside processors and communities. The parties also jointly expressed support for recommendations by the State of Alaska’s Bycatch Task Force to provide the Gulf of Alaska Groundfish trawl fisheries with management tools that rationalization programs provide. The companies believe ending a race for fish in trawl fisheries is critical to the long-term viability of shoreside groundfish processing.
FOR MORE INFORMATION CONTACT:
Alexis Telfer (Trident Seafoods, Corporate Communications) atelfer@tridentseafoods.com
Lacy Ogan (Pacific Seafood, Director of Communications) logan@paficicseafood.com
About Trident Seafoods
Trident Seafoods is North America's largest vertically integrated seafood harvesting and processing company. Trident is a privately held, 100 percent USA-owned company with global operations in 6 countries and serves customers in almost 60 countries. Headquartered in Seattle, Washington (USA), Trident employs approximately 9,000 people worldwide each year and partners with over 5,400 independent fishermen and crewmembers. Species harvested and processed by Trident include virtually every commercial species of salmon, whitefish, and crab harvested in the North Pacific and Alaska. The global supply chain also includes cultured and wild species from a network of trusted sources worldwide.
Follow Trident Seafoods on the web at www.tridentseafoods.com or on social media at LinkedIn, Facebook, X (formerly Twitter), Instagram, Pinterest, or YouTube.
About Pacific Seafood
Founded in 1941 by Frank Dulcich Sr., Pacific Seafood remains a family-owned and operated company dedicated to providing the “Healthiest protein on the Planet”. Pacific Seafood manages all parts of the supply chain including harvesting/fishing, processing, aquaculture finfish and shellfish and distribution to supply our customers with the highest quality sustainable products on the market. Pacific Seafood Group is headquartered in Clackamas, Ore. Learn more at www.PacificSeafood.com.