Peter Pan Seafoods, one of Alaska’s major seafood processors, said on Friday that it will cease operations indefinitely.
In a social media post, the company announced that it would suspend operations at its processing factories and discontinue “both summer and winter production cycles for the foreseeable future.”
Peter Pan Seafoods, which began operations in 1950, is headquartered in Bellevue, Washington, and maintains four full processing plants in Alaska, including King Cove, Port Moller, Dillingham, and Valdez. In addition, it maintains two satellite plants in Sand Point and Naknek. The company claims that its King Cove operation is the largest salmon processing facility in the state.
The corporation advised Peter Pan employees to apply for positions at Silver Bay Seafoods, another significant seafood company in Alaska. Silver Bay is much newer, having started operations in 2007. It has six domestic processing units in Alaska and the West Coast. Silver Bay is based in Seattle, Washington.
Friday’s statement comes as Alaska’s fish industry is recovering from a difficult 2020 season due to COVID-19 consequences.
Trident Seafoods, Alaska’s largest seafood processor with 11 units, unveiled a major reorganization plan last year, including the sale of four processing plants in the state.
According to the Seafood Marketing Institute’s 2022 forecast, the seafood processing industry accounts for 70% of Alaska’s manufacturing jobs.
Northwest Fish Co., the Na’-Nuk Investment Fund, and RRG Capital Management acquired Peter Pan Seafoods in January 2021. Na’-Nuk is managed by McKinley Capital Management.