Trident Seafoods and Pacific Seafood have jointly announced that they have reached an agreement in principle for Pacific to buy Trident’s processing operations in Kodiak, Alaska. The companies are currently completing the due diligence process and expect to finalize the transaction in November.
“Our top priority is to reassure employees and the fleet that this is a handoff, not a shutdown,” said Joe Bundrant, chief executive officer of Trident Seafoods. “We are committed to a smooth transition with Pacific Seafood, so they are well prepared to operate for the 2025 A season.”
Pacific Seafood President and CEO Frank Dulcich commented: “We are excited about this opportunity to expand our Kodiak operations and leverage our diverse national and international distribution channels to provide even more opportunities for Kodiak team members and the fleet,” adding that the company plans to retain all employees as part of the transaction.
Trident’s Kodiak facilities process frozen pollock, salmon, Pacific cod, halibut, flatfish, rockfish, crab and herring.
“Pacific Seafood’s expertise, value-added capabilities, and robust distribution infrastructure position them well to bring immediate value to the wide variety of species harvested in Kodiak,” said Bundrant.
Fonded in 1941 and headquartered in Clackamas, Oregon, Pacific Seafood is a family-owned business with existing operations in Kodiak and ties to many in the Kodiak fleet who migrate around the Pacific Northwest. The combined operations will be led by Ashton Meier, Pacific Seafood’s vice president of processing, who has over 20 years of experience in processing and global seafood markets.
“I was born in Kodiak, and I feel a special connection to the Kodiak community and its people,” stated Bundrant. “This is a bittersweet moment for me, but I’m confident that Pacific Seafood is the right partner to serve this community with passion and integrity.”
In December of 2023 Trident announced a restructuring plan, including selling four Alaska processing plants, to continue modernizing and investing in its other operations in the state. Trident and Pacific expressed concern about the competitive challenges facing shoreside processors and communities. The parties also jointly expressed support for recommendations by the State of Alaska’s Bycatch Task Force to provide the Gulf of Alaska Groundfish trawl fisheries with management tools that rationalization programs provide. The companies believe ending a race for fish in trawl fisheries is critical to the long-term viability of shoreside groundfish processing.
