Tag Archives: sales agreement
Fishing Company of Alaska is sold, ending a turbulent run in North Pacific harvests
Renton-based Fishing Company of Alaska has sold its three factory trawlers and catch quotas to two other seafood companies, a move that will end more than three decades of its sometimes turbulent operations in the North Pacific seafood industry. The sales agreement to Ocean Peace and O’Hara Corporation was announced Friday in an email by a Fishing Company of Alaska executive to other industry officials that was obtained by The Seattle Times. A sale price was not disclosed. Mike Faris, chief executive of Seattle-based Ocean Peace, confirmed that his company will acquire two Fishing Company of Alaska vessels. Frank O’Hara Jr., executive vice president of O’Hara Corporation, said his company will acquire the other vessel and half of the fishing quotas to harvests. He said these quotas will give his company a more diverse harvest that includes more higher-priced species. Fishing Company of Alaska, which once had a fleet of more than six vessels, was an important player in the trawl harvests that unfold in the Gulf of Alaska, the Bering Sea and off the Aleutian Islands. But Fishing Company of Alaska’s fleet has shrunk over time, in part due to high-seas disasters. Those include the 2007 sinking of the Alaska Ranger that killed five crew and the 2016 demise of the Alaska Juris, which did not result in loss of life but is the focus of a Coast Guard investigation. Read the story here 19:21
