SEATTLE โ Trident Seafoods is delaying construction of a new processing plant in Unalaska, Alaska. The company originally planned to begin construction in 2024 but will delay breaking ground until 2025. The delay means the plant wonโt be operational until 2028.
The company said high inventory levels, low consumer demand, and aggressive price competition in global markets all played a role in the delay.
โIโve been in the industry a long time and Iโve never seen markets like this,โ said Joe Bundrant, chief executive officer of Trident. โThe rate and pace at which markets are collapsing across our key species is staggering. Not only are global inventories and operating costs high, but demand is low, and some are selling at or below cost just to generate cash.โ
The plant will be located in Captainโs Bay, Unalaska, and feature processing practices to help eliminate waste.
โOur current plant in Akutan has served everyone well since the 1980s,โ said Jeff Welbourn, senior vice president of Alaska Operations. โWear and tear over the years and a remote and harsh environment make maintaining the plant for the long run no longer feasible. Weโve designed a next-generation processing plant to deliver the operating efficiencies and value our fishermen and markets deserve from Alaska’s world-class fisheries.โ
Trident Seafoods is a privately held harvesting and processing company in North America. The company has global operations in six countries and is headquartered in Seattle. The company harvests salmon, whitefish, and crab in the North Pacific and Alaska.
