Silver Bay purchases Trident’s False Pass facility

Posted on: June 12th, 2024 | Author: Theo Greenly | Filed under: Aleutians East Borough, Fish News - newsletter, King Cove, KSDP Newscast

(Photo courtesy of Trident Seafoods)

Silver Bay Seafoods has purchased Trident’s processing plant in False Pass, according to a joint statement last week from the two seafood companies.

Trident Seafoods sent shock waves through the fishing industry when it announced in December it was selling several of its plants around the state — that after delaying construction of its new, flagship facility in Dutch Harbor by at least a year. 

Trident CEO Joe Bundrant called the current restructuring decisions “the most difficult” decisions of his career.

Fishermen-owned Silver Bay already operates a facility in False Pass, just next to the Trident plant. Silver Bay President and CEO Cora Campbell said owning adjacent facilities would make operations more efficient, and allow them to provide more opportunities to the fleet.

Silver Bay said it will also be able to provide fuel services with the new facility.

Alaska’s fisheries are facing an unprecedented crisis. A flood of foreign fish into the market, coupled with inflation and trade sanctions, have led to a massive drop in the market value of Alaska’s fish — and coastal communities are feeling the squeeze.

Peter Pan Seafoods made the last minute decision in January not to open their King Cove facility for A season, and then announced in April they wouldn’t open at all, selling some of their plants in other parts of the state, leaving King Cove without its economic driver.