Silver Bay Seafoods’ planned acquisition of a Tri Marine Fish Company factory in California will not go ahead after talks between the two companies.
In a statement, the businesses insisted the decision came after “several months of discussion” and was not linked to the acquisition of Tri Marine’s tuna supply chain by Italy-based giant Bolton Group, a deal announced in July.
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Silver Bay and Tri Marine announced in October they had reached agreement on the sale of the coastal pelagic processing plant in San Pedro, California. The plant will remain under the management and control of Renato Curto, the CEO of Tri Marine Fish Company. The factory can freeze more than 300 tons a day of squid, sardines, anchovies or mackerel.
He said: “I have always loved this plant and my team in San Pedro. I now have an opportunity to focus on this important segment of our business. Its strategic location, top fishing fleet and reputation for quality reinforce our commitment to the California wetfish fishing and processing community.”
Silver Bay president and CEO Cora Campbell said: “We have great respect for the team at this facility and admire the quality and efficiency of its operations. While the time was not right to complete the acquisition, the Silver Bay Seafoods team looks forward to continuing our existing operations in California.”
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By GlobalData
