April 10, 2024 — Silver Bay Seafoods and Peter Pan Seafoods announced on April 4 that the agreement for Silver Bay to acquire Peter Pan’s Valdez facility has been finalized, and Silver Bay plans to operate the Peter Pan facilities in Port Moller and Dillingham for the 2024 salmon season.
Shifting operations of the two facilities to Silver Bay is a component of a more extensive restructuring that is still being finalized. Silver Bay would acquire Peter Pan’s processing facilities and support sites in this restructuring after the 2024 salmon season. Peter Pan will continue conducting the remaining activities needed to close out 2023 operations, including sales and accounting functions. Both companies are committed to a seamless transition and minimal disruption to fishermen, communities, and employees.
The plants owned by Peter Pan in Dillingham, Port Moller, and King Cove produce high-quality sockeye salmon that is also made in the plants owned by Silver Bay in False Pass and Naknek. King Cove also produces a variety of other species. Combining Alaska operations would allow anglers to benefit from improved services and the fish to be processed closer to the point of catch, further enhancing the quality of the pack and the diversity in product forms.
Silver Bay Seafoods is an integrated processor of frozen shrimp, herring, whitefish, and squid products for domestic and export markets. It opened its doors in 2007 as a single salmon processing facility in Sitka. Since then, it has grown into one of the largest seafood companies in Alaska, operating nine domestic processing facilities throughout the state.