Korean seafood giant Dongwon Group on Monday announced it acquired a 12.5 percent stake in Alaska salmon processor Silver Bay Seafoods for $20 million (€14.7 million).
Dongwon made the acquisition through subsidiary Dongwon F&B as part of a co-investment with canned tuna subsidiary Starkist, the company announced on the Korean Stock Exchange.
In citing its rationale for the acquisition of the stake, Dongwon said the deal would help it secure a reliable resource to wild salmon, as well as processing know-how.
Silver Bay Seafoods primarily processes salmon in four locations in Alaska: Sitka, Craig, Valdez, Metlakatla and Naknek.
