Silver Bay, Peter Pan Reach Agreement on Valdez Facilities

Image: Peter Pan Seafoods.
Image: Silver Bay Seafoods.

Silver Bay Seafoods has acquired Peter Pan Seafoods’ Valdez, Alaska, processing facilities and also plans to operate Peter Pan’s facilities in Port Moller and Dillingham for the 2024 salmon season, the two processors said in an April 4 joint announcement.

Shifting operations of these facilities to Silver Bay Seafoods is a component of a larger restructuring effort, which is still being finalized, the two seafood giants said.

The larger restricting plan would have Silver Bay acquiring Peter Pan’s’ processing facilities and support sites after the 2024 salmon season.

Peter Pan would remain active in conducting the remaining activities needed to close out 2023 operations, including sales and accounting functions. The two companies said that they’re committed to a seamless transition and ensuring minimal disruption to harvesters, communities and employees.

Processing facilities owned by Peter Pan in Dillingham, Port Moller and King Cove produce high quality sockeye salmon, as do plants owned by Silver Bay in False Pass and Naknek, they said. King Cove also processes a variety of other species.

Combining Alaska operations will allow harvesters to benefit from improved services and the fish to be processed closer to where they are caught, further enhancing the quality of the pack and diversity in product forms, they said.

“Silver Bay is adapting our operations and thoughtfully advancing our Alaska programs to ensure we continue to bring the most value to our fishermen partners and remain resilient in changing markets,” Silver Bay Seafoods President and CEO Cora Campbell said.

“We appreciate Peter Pan’s leadership in understanding that for the Alaska seafood industry to remain competitive in a global marketplace and continue to support viable coastal economies, we must pursue synergies and efficiencies in our Alaska processing operations,” she added.

The two companies have for some time been exploring ways to unify operations.

What started as a possible joint venture in early 2023 resulted in a mutually beneficial transaction involving a transfer of facility assets and licensing for the companies’ Demmings, Humpty Dumpty and Double Q canned salmon brands, they said.

The Peter Pan facility is Valdez is the only plant in the city that processes fresh, frozen and canned salmon. The addition of the Peter Pan facility and canned salmon brands is expected to broaden product form capabilities and markets for Silver Bay Seafoods in Valdez, they said.

The acquisition of the Valdez cannery creates synergies between the two neighboring facilities and offer more product diversity, a priority for Silver Bay Seafoods and our fishermen partners, according to Silver Bay Seafoods COO Branson Spiers.

“Peter Pan’s decision to pursue selling the Valdez plant and combine Alaska operations with Silver Bay came from our commitment to put our fleets, employees and communities first,” Peter Pan Seafoods COO Travis Roenfanz said.

“When there are inefficiencies in this industry, it affects the livelihoods of our fleet and we have a responsibility to maintain those livelihoods,” he added. “We’re excited about this acquisition and what it will do for this fishery.”