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ONE of Alaska's largest canned salmon operations has been sold in a major deal.
The Japanese Marubeni Corp., through its wholly owned subsidiary North Pacific Seafoods Inc., has reached an agreement with Yardarm Knot Inc. to acquire the Red Salmon Cannery for US $47-million to expand its Alaskan Seafood operation.
Alaska seafood, including Wild Salmon, has been well managed by US National Marine Fisheries Service and Alaska Department of Fish and Game. Many Alaska seafood species have obtained MSC certification, which is highly rated worldwide.
Alaska supplies half of wild salmon worldwide, including the popular Sockeye variety. The Red Salmon plant is one of Alaska’s largest producers of sockeye salmon. The terms of the transaction are not being disclosed. With a focus on the Bristol Bay herring and salmon, Red Salmon plant has the capacity to produce 500,000 pounds of frozen products and 10,000 cases of canned seafood per day.
The 73-acre facility is situated on the north shore of the Naknek River and employs 450 people during peak production. In addition to the Red Salmon plant, the North Pacific purchase also includes a minority interest in eight tender vessels. The purchase of the Red Salmon plant brings to five the number of Alaska plants owned by North Pacific Seafoods. The company’s other plants include Sitka Sound Seafoods in Sitka, Alaska Pacific Seafood in Kodiak, Togiak Fisheries in Togiak, and Pederson Point down river from the Red Salmon plant in Naknek.
North Pacific Seafoods President Tom Miki said the purchase will give the company access to more diverse product range and more product volume.
“With the Red Salmon plant we will have salmon canning capability and greater freezing and filleting capacity,” Tom Miki said. “The location in the heart of Bristol Bay – one of the best managed fisheries in the world – is also a great advantage. We now have three strategic locations in Bristol Bay to better serve the fishing fleet and process fish from this region,” he added.
Mr Miki stressed that it was North Pacific’s plan to retain the Red Salmon plant’s management team and staff and he looks forward to working with them. “Anytime you blend two successful operations, you get a stronger company,” he said.
Founded in 1972 North Pacific celebrates its 40th anniversary in 2012.
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