Silver Bay Seafoods is poised to take over Peter Pan Seafoods’ processing operations this year, according to a joint press release on Thursday. Silver Bay will acquire Peter Pan’s Valdez facility, as well as operate Peter Pan’s facilities in Dillingham and Port Moller during the 2024 salmon season.
The move is part of a larger restructuring for Silver Bay to take over Peter Pan’s processing and support facilities later this year. The plan could include taking over Peter Pan’s plant in King Cove, but the companies’ statement did not specify that facility’s fate.
As two of the largest salmon processors in the state, Peter Pan and Silver Bay each have facilities next to each other in Valdez. They previously discussed partnering with one another, including talks of forming a joint venture.
Ultimately, however, Peter Pan decided to sell the cannery and its assets to Seattle-based Silver Bay.
Silver Bay CEO Cora Campbell said in the press release the Alaska seafood industry needs to improve efficiency in order to “remain competitive in a global marketplace and continue to support viable coastal economies.”
Global markets and foreign fish supply have put the wrench on Alaska’s seafood industry and thrown the entire industry into turmoil. Peter Pan’s troubles have been particularly bad – the company’s plant in King Cove remained closed this winter, and some fishermen have filed liens against the company for money owed from last season’s catch.
The companies have not yet said if the King Cove facility will operate this summer.
