Maruha Nichiro Corporation (MNC), through consolidated subsidiaries Maruha Capital Investment (MCII) and Westward Seafoods (WSI), has decided to acquire assets for Alaska Pollock operations from Seattle-based Icicle Seafoods.
WSI has acquired a processing facility from Icicle and the fishing vessel owner company, newly established by MCII and a local partner, has acquired nine fishing vessels with Alaska Pollock quota from Icicle.
In the Bering Sea Alaska pollock business, the American Fisheries Act allows fishing vessels to hold quotas that are divided into three sectors: catcher vessels delivering inshore, catcher vessels delivering to motherships, and catcher/processors offshore. Companies like WSI that have inshore processing plants are required to land from fishing vessels with inshore quota.
As a result of this acquisition, the MNC Group's share of access to inshore Alaska pollock quota will increase from 31 per cent to 41 per cent, making it the top share holder in the inshore business.
MNC said that, regarding catch quota, due to foreign investment restrictions of the American Fisheries Act, MCII may not own or control more than 25 per cent interest in a US fishing vessel owning company. However, by establishing a new fishing vessel owner company with a local partner owning 75 per cent stake, the new company will be able to acquire the fishing vessels with quotas and land them at the MCII Group's plants, thus making more quotas available.
MNC added that the transaction amount will not be disclosed due to a confidentiality agreement with the other party.
