SEATTLE, Aug. 2 — Trident Seafoods Corporation, a vertically integrated seafood processor and marketer of Alaskan and Pacific Northwest seafood, today announced that it has entered into a definitive agreement to purchase the assets of Icicle Seafoods' surimi analog business in Bellingham, Washington. The transaction is scheduled to close August 16, 2010. Other terms of the agreement were not disclosed.
The transaction is part of Trident Seafoods' plan to expand its retail presence and to provide high quality, sustainable seafood products to its customers. Speaking about the transaction, Trident's Executive Vice President Joe Bundrant said, "Trident has worked hard to grow our value added business and expand our production capacity and our markets for value added seafood. Surimi seafood is quick and easy to prepare and is a natural extension of our 'Source to the Plate'® philosophy. Today's consumers want to know where their fish is coming from, and adding value to the fish we catch is the best way to fill that demand."
Dennis Guhlke President and Chief Executive Officer of Icicle Seafoods said, "This transaction provides Icicle Seafoods with fair value for a non-core operation and will allow Icicle to redeploy the proceeds to grow our core business. I want to thank the employees of the Bellingham plant, whose contributions over the years are very much appreciated."
Trident Seafoods entered the surimi seafood business in 1999 when it purchased the SEA LEGS® facility from Nicherei Foods of North America. In 2006, Trident expanded its surimi business into the retail sector and industrial business with the purchase of ConAgra's surimi business. The Louis Kemp® brand, along with Captain Jac® and other well known regional brands, and the state-of-the-art Motley, Minnesota processing facility were part of the purchase.
The most popular surimi seafood consumed in the U.S. mimics the shape, color, flavor and form of natural crab and lobster meat. Fully cooked and fat free, surimi seafood is a combination of surimi (a fully cooked fish protein made from Alaska Pollock or Pacific Whiting), natural starches, real crab meat and crab flavoring. It is available in a variety of chunk, flake, stick and shredded forms for use by itself or in the preparation of snacks, salads, sandwiches, crab cakes and hot dishes.
Source: Trident Seafoods Corp.
