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August 6, 2019

Silver Bay Seafoods move for Tri Marine plant called off

Silver Bay Seafoods' planned acquisition of a Tri Marine Fish Company factory in California will not go ahead after talks between the two companies.

By Dean Best

Silver Bay Seafoods’ planned acquisition of a Tri Marine Fish Company factory in California will not go ahead after talks between the two companies.

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What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
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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.

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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Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

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