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Icicle sale.

Iciele Sale. Icicle Seafoods Inc. was bought by Oceantrawl Inc. in a move that makes the combined company Alaska's largest seafood processor. The purchase price was undisclosed. The sale is noted as the first time a factory trawler company and shore-based processor have formally merged.

The expanded company employs more than 3,000 people and is expecting to have annual sales greater than $400 million. Icicle's 1990 sales hit $275 million, with an annual growth rate of 13 percent, according to company officials. Assen Nicolov, Oceantrawl president, describes the combined businesses as the most diversified and largest seafood processing company in the United States.

Seattle-based Icicle Seafoods which was born 26 years ago in Petersburg and whose owners were primarily Alaskan investors - operates processing plants in Petersburg, Homer and Seward; five floating processors in Alaska; and two onshore processors in the Lower 48, in Bellingham, Wash., and Astoria, Ore.

Oceantrawl is 49 percent owned by foreign companies, including Swiss and Hong Kong firms. The company has offices in Seattle and Homer and operates three factory trawlers in Alaska.

The uniting of heretofore rival interests - high-seas and onshore - is especially notable because of the debate surrounding groundfish allocation to onshore and offshore participants. In June, the North Pacific Fishery Management Council adopted a new allocation system for the $1 billion groundfish fishery in the Gulf of Alaska and the Bering Sea that ensures onshore processors will receive a major portion of the harvests.

Icicle doesn't process groundfish, so direct competition with groundfish-harvesting factory trawlers wasn't anticipated. Icicle had been for sale since last winter.
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Title Annotation:Fishing; Oceantrawl Inc. buys Icicle Seafoods Inc.
Publication:Alaska Business Monthly
Date:Aug 1, 1991
Words:263
Previous Article:Unalaska development.
Next Article:Alaska-Japan route.
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