Silver Bay Seafoods Archives

ALASKA: Silver Bay Seafoods announces buyout of OBI

March 20, 2025 — Sitka-based Silver Bay Seafoods is buying out the international seafood processing giant OBI.

Silver Bay announced the acquisition on Tuesday, stating that it is partnering with the Bristol Bay Economic Development Corporation.

In a press release, Silver Bay says it plans to manage all OBI facilities and operations, including processing plants in Petersburg, Seward, Kodiak, Larsen Bay, Egegik, Wood River, Cordova, and Naknek, as well as a warehouse and labeling facility in Kent, Washington.

Read the full article at KFSK

ALASKA: Silver Bay Seafoods acquires two facilities from Rodger May, forges partnership with APICDA on False Pass operations

November 7, 2024 — Silver Bay Seafoods is acquiring Alaska-based seafood processing facilities in Dillingham and Port Moller, along with fishery support sites in Dillingham and North Naknek – formerly owned by Peter Pan Seafoods – from Rodger May.

May submitted a USD 37.3 million (EUR 34.5 million) winning bid for the facilities – along with other assets of Peter Pan Seafoods – in late September after the company entered receivership in April 2024. At the time, Silver Bay competed directly with May to purchase the assets. Following May’s winning bid, creditors to whom Peter Pan Seafoods owed money argued in court that the receiver should have sold the facilities to Silver Bay.

Read the full article at SeafoodSource

Silver Bay Seafoods acquires Alaska salmon plant from Trident Seafoods

June 13, 2024 — US-based company Silver Bay Seafoods has bought an Alaskan processing facility from local peer Trident Seafoods.

The plant, located in False Pass, is dedicated to processing salmon. Financial terms of the deal were not disclosed.

The facility is located close to Silver Bay Seafoods’ own processing plant in False Pass, which opened in 2019.

Silver Bay Seafoods, which is owned by 600 fishermen, is a processor of frozen salmon, herring, whitefish and squid products for the US and for export markets.

Read the full article at Yahoo News!

Silver Bay Seafoods, Channel Fish and More Win Latest USDA Seafood Purchase Requests

May 20, 2024 — Earlier this month the USDA issued a handful of bid invitations for seafood products, including catfish, salmon and walleye, and Alaska pollock. While offer invites for the Alaska pollock products ends today, the USDA has already announced the winners for the catfish, salmon and walleye products.

Looking first at catfish, the bid invitation from the USDA went out on May 2. The bid was for a total of 392,000 lbs of catfish products for use in domestic food distribution programs, including unbreaded raw fillets and breaded oven ready strips. The Purchase Award Description that was released is for the entire 392,000 lbs, which has a value of $2,068,318.68

Read the full article at Seafoodnews.com

Silver Bay Seafoods lands USD 7.35 million USDA supply contract, publicizes Bristol Bay sockeye pricing

May 19, 2024 — The U.S. Department of Agriculture (USDA) has awarded more than USD 8.8 million (EUR 7.5 million) in U.S. salmon and walleye contracts.

Sitka, Alaska, U.S.A.-based Silver Bay Seafoods won the biggest share and will deliver USD 7.35 million (EUR 6.8 million) worth of canned pink salmon to several U.S. cities between July and December of this year as part of the USDA’s Child Nutrition Program and other domestic assistance programs.

Read the full article at SeafoodSource

ALASKA: As Alaska salmon season opens, Silver Bay’s CEO assesses grim times

May 16, 2024 — The opening of the famed Copper River fishery – it starts this year on May 16 – traditionally marks the beginning of a new commercial salmon season in Alaska.

Rather than excitement, however, much of the industry feels apprehension, anxiety, and even anger. Since last year, we’ve seen a procession of negative and worrying developments, leading some to question the future of the salmon business.

Alaska’s seafood industry is floundering due to factors including glutted markets, unfavorable currency exchange rates, post-pandemic consumer shifts, food inflation, and weakness in other important fisheries such as pollock.

Based on preliminary data, prices paid in 2023 to both fishermen and processors were historically low for salmon and pollock, according to a recent analysis prepared for the Alaska Seafood Marketing Institute (ASMI).

In recent months, we’ve seen extraordinary events, including the implosion of legacy processor Peter Pan Seafood and a selloff of Alaska plants by industry titan Trident Seafoods. Other processors have cut back operations. Some Alaska fishermen are wondering if they’ll have a market this year.

Could this be another season of discontent?

Certain forces suggest relief might be on the way. For one thing, the Alaska salmon harvest is expected to be much smaller this year at 136 million fish compared to 232 million in 2023. The catch of sockeye, the most valuable species, is projected at 39 million fish, well below last year’s 52 million. A smaller harvest could help clear salmon inventory and bolster ex-vessel and wholesale prices.

The U.S. Department of Agriculture (USDA) is buying huge volumes of Alaska salmon and pollock, supporting the struggling seafood industry.

The Alaska Legislature is putting together a special task force to address the industry’s problems – problems that could hurt Alaska coastal communities. And legislators are weighing an infusion of up to $10 million in additional support for ASMI. The marketing agency is pursuing new initiatives involving retail heavyweights such as Costco and Walmart, and in Japan, is supporting industry efforts to develop ready-to-eat convenience store products utilizing off-grade or No. 3 salmon.

Coming into this season, processors, in particular, face tremendous financial pressure – and high expectations.

Today, we offer the first of three conversations with top Alaska processing company CEOs.

Read the full article at The National Fisherman

ALASKA: Silver Bay Seafoods to acquire Peter Pan Seafoods’ Alaska operations

April 10, 2024 — Silver Bay Seafoods and Peter Pan Seafoods announced on April 4 that the agreement for Silver Bay to acquire Peter Pan’s Valdez facility has been finalized, and Silver Bay plans to operate the Peter Pan facilities in Port Moller and Dillingham for the 2024 salmon season.

Shifting operations of the two facilities to Silver Bay is a component of a more extensive restructuring that is still being finalized. Silver Bay would acquire Peter Pan’s processing facilities and support sites in this restructuring after the 2024 salmon season. Peter Pan will continue conducting the remaining activities needed to close out 2023 operations, including sales and accounting functions. Both companies are committed to a seamless transition and minimal disruption to fishermen, communities, and employees.

The plants owned by Peter Pan in Dillingham, Port Moller, and King Cove produce high-quality sockeye salmon that is also made in the plants owned by Silver Bay in False Pass and Naknek. King Cove also produces a variety of other species. Combining Alaska operations would allow anglers to benefit from improved services and the fish to be processed closer to the point of catch, further enhancing the quality of the pack and the diversity in product forms.

Silver Bay Seafoods is an integrated processor of frozen shrimp, herring, whitefish, and squid products for domestic and export markets. It opened its doors in 2007 as a single salmon processing facility in Sitka. Since then, it has grown into one of the largest seafood companies in Alaska, operating nine domestic processing facilities throughout the state.

Read the full article at the National Fisherman

ALASKA: Silver Bay Seafoods taking over Peter Pan Seafoods’ Alaska operations

April 6, 2024 — Silver Bay Seafoods has acquired Peter Pan Seafoods’ seafood processing facility in Valdez, Alaska, U.S.A. and will operate its other Alaska plans in 2024.

The agreement, announced 4 April, will see Silver Bay operate Peter Pan’s Port Moller and Dillingham facilities for the 2024 season, and then acquire them after the season ends. With Peter Pan’s closure of its King Cove plant in January 2024 and no announcement that it will reopen by summer, the company will effectively have no physical plant remaining in the state of Alaska. Additionally, it has agreed to transfer the licensing for its Demmings, Humpty Dumpty, and Double Q canned salmon brands to Silver Bay.

Read the full article at SeafoodSource

Peter Pan posts USD 1.10 per pound for Bristol Bay sockeye

June 21, 2021 — Peter Pan Seafood shook up the world’s largest wild salmon run on 19 June with the announcement it will pay a base price of USD 1.10 (EUR 0.84) per pound for sockeye salmon in Bristol Bay, Alaska.

The price upholds reports of a strong market for wild sockeye and is a welcome development for Bristol Bay fishermen, who were disappointed by last season’s base price of USD 0.75 (EUR 0.63).

Read the full story at Seafood Source

Alaska’s Peter Pan doubles down on value addition with Northwest Fish merger

January 11, 2021 — Seattle, Washington, U.S.A.-based Northwest Fish and Anchorage, Alaska, U.S.A.-based McKinley Capital Management have beat out Trident Seafoods, Canfisco, and Silver Bay Seafoods to scoop up the assets of Peter Pan Seafood Co. from Japanese conglomerate Maruha Nichiro.

The sale, which was announced by Maruha Nichiro in November 2020, was finalized on 31 December, 2020. Northwest Fish and McKinley collaborated with London, United Kingdom-based RRG Investments on the transaction. Peter Pan Seafood Co. now comprises Peter Pan Seafood’s assets and the value-added sales channels of Northwest Fish Co. The new ownership group is Rodger May of Northwest Fish, the Na’-Nuk Investment Fund (managed by McKinley Capital Management), and the RRG Global Partners Fund (managed by RRG Capital Management).

Read the full story at Seafood Source