Peter Pan, Silver Bay processors working on synergies for joint venture

No deal has been reached to date on a joint venture between Peter Pan Seafood and Silver Bay Seafoods on a seafood processing joint venture in Valdez, but Peter Pan owner Rodger May said on Monday that efforts will continue.

"Even though it looks like nothing will happen regarding a JV between Peter Pan and Silver Bay in Prince William Sound, we will continue to try to find synergies that benefit community, fleet, and our customers, while at the same time boosting Peter Pan's bottom line," said May, who is also president, chief growth officer, and founder of Northwest Fish Co. LLC.

"There are countless millions of dollars that are getting flushed down the toilet of inefficiencies in the industry. If only the majors could find a way to work pro-competitively especially during the shoulders of the seasons. These dollars need to go back to the fisherman, community, companies and customers to ensure the longevity of this great resource," May said.

May's comments came in the wake of a report from the seafood industry publication IntraFish that said that efforts to agree on a joint venture between the competing processing firms were stalled.

Peter Pan Seafood currently does fresh, frozen and canned salmon processing in Valdez, while Silver Bay processes primarily pink and chum salmon.

Both companies, like other seafood processors working in Alaska fisheries, are facing the impact of inflation, which continues to drive up the price of fuel, transportation and labor. Given the economic challenges, consolidation and ownership of various seafood entities continues.

The celebrated Copper River salmon fishery began on Monday and the anticipated harvest in the upcoming Bristol Bay fishery is always in millions of fish.