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 company announced in December 2023 that it is seeking buyers for the four plants as part of a comprehensive, strategic restructuring initiative.

Efforts to sell the plants are underpinned by a desire to secure buyers who share the company’s 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.s

“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.”

Negotiations in final stages for False Pass, Petersburg and Ketchikan

The company is close to finalizing 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,” Welbourn said. “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.”

A positive outlook for Kodiak

Trident is speaking with multiple interested buyers for its fourth seafood 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,” Welbourn said. “This means that our employees and fleet are secure, and we will share a tender strategy soon.”

Bundrant added, “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. 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.”

Source: Trident Seafoods