Monday, November 10, 2014

Silver Bay, StarKist sign investment deal

Tuna giant StarKist and its South Korean parent, Dongwon, are taking a 12.5 percent stake in Sitka-based salmon processor Silver Bay Seafoods.

Here's a press release issued today out of Seoul.


Anonymous said...


Anonymous said...

Another Alaska company sells out!

Troy and Rob are in for real treat with the Korean's ....SPARKS ARE GOING TO FLY!!

Only Copper River, Ocean Beauty and Trident are truly independent and American owned.

Anonymous said...

The deal makes sense. It helps SBS enter the canning business. They will need to can in order to put low grade/damaged pinks and reds to highest value use. At the same time, the stake is small enough so that control continues to rest with the founders. Time will tell if it works, but it could be a win for all parties. Being all American owned is really irrelevant. What is relevant is how to get the most profit out of every pound of fish and that profit, particularly in the SBS model, flows to the shareholder fleet.

Anonymous said...

ya but don't forget Zuanich is the smartest guy in the universe...just ask him

Anonymous said...

OMG - Foreign nationals are taking over Alaska Seafood processing.

Aren't foreign national companies evil in the Alaskan lexicon?

I mean, if it is backed by a foreign national company for profits - it can't be good, can it?

Foreign national companies only want to rape and pillage the environment, right?

Anonymous said...

Sorry Charlie

Anonymous said...

"They will need to can in order to put low grade/damaged pinks and reds to highest value use."

A rather unfortunate statement.

Anonymous said...

Unfortunate statement, but true, Not all fish will get to the plant or through the equipment and come out as a #1 product. With reds in particular, less than #1 quality or fish that dress out under 4 lbs are worth more in a quarter or half pound can. The situation with pinks is not quite the same, but if you move fish from say PWS to Sitka, because of a big hit in PWS, those canning lines will come in handy. These guys are taking their high volume model and improving it by being able to put fish into the best value product form.

Anonymous said...

how canning in sitka with labor costs versus canning in china makes sense is SBS can get the canning line free through the state. then it will be relocated because of "labor" shortcomings. this fleet will be in the hands of profiteers who will lower the ex-vessel in order to make the cans worthwhile. was there a vote on this by shareholders?

Anonymous said...

This makes good business sense. I hope that there will be a canning line in Sitka. They definitely have the space to expand at the industrial park.This would be great for the economy. Good job Troy!!

Anonymous said...

There was no vote by share holders as the only vote that matters is Troy and Rob. 53.5% will always trump the rest.
And, y'all are readiing too much into this. It is rather meaningless. Troy and Rob get some skin off the table. Starkist buys some more salmon.
People, $20M is rather meaningless on a global commodity scale.

Anonymous said...

It was unanimous.

The shareholders had a meeting, could have called for a vote.

It was an open meeting.

If you don't want to sell, don't.

Anonymous said...

And for poster 2

If you think that having one family own a billion dollar company is truly independent, think again.

And OBSI is owned by the same arrangement as Icicle.

So either add Icicle or subtract Trident and OBSI

And you're left with Copper River.
What a big player, what do they buy??? 10 million pounds statewide?

If you don't think SBS, with majority Alaskan small boat fisherman owned and 12.5% of a Korean outfit, is the most widespread Alaskan ownership, just ask the 150 guys who just bought into SBS in the Bay. Chuck doesn't let these guys buy stock. Nor does Copper River or OBSI or Icicle anymore.

You wanna own your company. Go fish for SBS. Some guys have made more there through vertical integration and seafood processor ownership than they have fishing.

Average guy from 2006-07 is a millionaire from SBS stock alone.

What's your plan for 2020. Maybe an adjustment from your "independent" american company?

SBS will be cropping a new batch of Bay millionaires by then.