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Vertical expansions.

Vertical Expansion. Arctic Alaska Fisheries Corp. of Seattle, the largest fishing and at-sea processing company in the United States, has acquired 50 percent interest in Offshore Systems Inc. and Offshore Fuels Inc., both of Dutch Harbor. The companies supply fuel, moorage, supplies, warehousing, cold storage, accommodations, and repair and other services for the fishing industry. The purchase price was undisclosed.

Ronald Jensen, president and chief executive officer of Arctic Alaska Fisheries, anticipates working with OSI's management to broaden the range of services for the fishing industry.

Arctic Alaska Fisheries has 30 ships and 2,100 employees. Its vessels generally operate in the 200-mile zone off Alaska, catching crab and ground-fish such as pollock, cod, perch and sole that is processed and sold in the United States, Japan and other export markets.

Arctic Alaska Fisheries also reported record earnings for the first quarter of 1991: On revenues of $64.3 million, profits were $8.3 million. The first-quarter 1991 revenues represent a 29 percent increase over first-quarter 1990 revenues of $50 million, and first-quarter 1991 profits show a 7 percent increase over first-quarter 1990 profits of $7.5 million. Jensen attributes the higher earnings to stronger wholesale prices and to increased production and sales.
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Title Annotation:Arctic Alaska Fisheries Corp. acquires Offshore Systems Inc. and Offshore Fuels Inc.
Publication:Alaska Business Monthly
Date:Jul 1, 1991
Words:203
Previous Article:Growth forecast.
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