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Sealaska changes course.

Sealaska Changes Course.

Acting on the results of a formal strategic review begun in April 1989, the Sealaska Corp. board announced in December its plans to sell the firm's Ocean Beauty Seafoods subsidiary and to reduce logging from lands requiring revenue sharing with other regional Native corporations under the 7(i)provisions of the Alaska Native Claims Settlement Act of 1971.

The Juneau-based corporation, second-ranked in Alaska Business Monthly's 1989 New Forty-Niners list of the largest Alaskan-owned, Alaska-based businesses with revenues of $267.6 million, has been challenged by other regional corporations regarding the amount of revenues to be shared from timber harvests in the years 1986 through 1988. Sealaska announced it intended to minimize future 7(i) risk and preserve financial value by reducing overall timber harvests; although harvests and sales of timber not affected by the settlement act clause are expected to increase, they will not compensate entirely for the planned curtailments on other properties.

Ocean Beauty Seafoods consists of nine production companies in Alaska, Washington and Oregon, as well as distribution companies in five Outside states. The seafood subsidiary processes and markets more than 100 million pounds of product with annual sales of about $200 million. Sealaska expects to sell the subsidiary intact.
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Title Annotation:to sell Ocean Beauty Seafoods subsidiary, reduce logging operations
Author:Manna, Victor
Publication:Alaska Business Monthly
Date:Mar 1, 1990
Words:206
Previous Article:Dealerships hitched.
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