Silver Bay Reveals Details of Starkist Investment at Sitka Meeting
SEAFOODNEWS.COM [KCAW] by Robert Woolsey
Silver Bay CEO Rich Riggs told the Sitka Chamber of Commerce that even though his company has operations all along the coast, "Our home is here in Sitka."
Sitka-based Silver Bay Seafoods has sold a twelve percent stake to Dongwon, the Korean owners of Starkist Tuna. [The 12.5% stake will give Starkist one seat on Silver Bay's Board, and will reduce or dilute existing fishermens shares.]
The news of the sale has been public since November, but Silver Bay CEO Rich Riggs added details during a presentation to the Sitka Chamber of Commerce last Wednesday.
The fisherman-owned processor is only 8...
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