Bristol Bay invests in fish processor

The Fish Site
by The Fish Site
20 April 2007, at 1:00am

US - Bristol Bay Economic Development Corp. will buy a 50 percent share of Seattle-based fish processor Ocean Beauty Seafoods Inc., the companies just announced.

This investment allows vertical integration of the BBEDC resources such as crab, salmon, halibut and groundfish with the largest salmon processor in the State of Alaska and affords the maximum utilization of these resources.

“We have found the ideal company to invest in,” said Robin Samuelsen, CEO of the BBEDC. “Ocean Beauty’s management group is strong and they bring processing expertise and training that will allow us to expand opportunities for our residents. Their commitment to shore-based processing and Alaskan rural community viability is a natural fit with the mission of the BBEDC, which is to improve the economic conditions for the residents of Bristol Bay, Alaska.”

“Integrating this much raw material into Ocean Beauty’s retail brands through our marketing strength, R&D capacity, value-added capabilities, world-class packaging, and our large and experienced sales force, makes this a tremendous win for everyone involved,” said Mark Palmer, Ocean Beauty President and COO. “This investment will help Wild Alaskan seafood expand its presence and value across both the domestic and international markets.”

There will be no changes in management at either company as a result of this investment. Ocean Beauty will continue to occupy its current headquarters in Seattle, and all seven of its Alaskan processing plants will continue to operate as normal.