Trident Seafoods and Silver Bay Seafoods said Wednesday they reached an agreement in principle for Silver Bay to acquire Trident's processing facility in Ketchikan, Alaska.

The companies said they are currently engaged in standard due diligence and negotiating final details of the deal. The sale is expected to be finalized in April 2024.

Located in Southeast Alaska, Trident’s Ketchikan facility is dedicated entirely to processing salmon. Photo: Trident

In December, Seattle-based Trident announced it would sell four of its 12 processing plants in Alaska and lay off employees as part of a comprehensive restructuring of the company.