KODIAK (AP) -- Ocean Beauty Seafoods has signed a letter of intent to acquire Cook Inlet Processors, according to Bill Terhar, president and chief executive officer of Ocean Beauty.
Cook Inlet Processors has Alaska plants in Gipson Cove, Seward, Nikiski, and Uganik, and has approximately $65 million in annual sales.
Mike Shupe, CIP's former principal and CEO, will stay on with Seattle-based Ocean Beauty in operations and sales.
''Both Mike and I believe that the Alaska Seafood Industry as a whole will need to consolidate to compete in today's global market,'' Terhar said. ''We believe this acquisition represents the beginning to that process.''
Ocean Beauty Seafoods has Alaska facilities in Petersburg, Kodiak, Cordova, and Naknek. It has seafood distribution centers are in Salt Lake City, Boise, Idaho, Portland and Astoria, Ore., Seattle and Spokane, Wash., Dallas, and Vancouver, British Columbia.
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