Sealaska is excited to be culminating a 5-year strategic plan in 2017 that includes an improved operating performance of $22 million. Significant work has gone into reducing costs and improving operating income. We are building sustainable growing businesses in industries that are meaningful to shareholders.
We are especially excited by the opportunity to grow a seafood business that provides consumers high quality Alaskan seafood tied to a story of how our own people have sustained themselves on seafood for the 10,000 + years in Southeast Alaska.
Sealaska’s seafood platform begin with Independent Packers Corporation (IPC) in 2016. Two new investments were made in 2017 with companies that purchase, process and market high quality seafood products.
Odyssey, a Seattle-based company was founded in 1981, offers a wide variety of retail and food service seafood products under their Treasures from the Sea and Chef’s Treasures brands. It also provides food service products, custom processing and private label production at its Seattle processing plant, Northwest Seafood Processors.
Based in Renton, Washington, Orca Bay has been a leading North American Seafood processor and distributor since 1985. Orca Bay processes and packs its products at its Renton processing facility and distributes retail and foodservice seafood products under the Orca Bay brand to club store and foodservice accounts.
Odyssey has made an investment in Orca Bay that will help create a scalable marketing and sales effort which can introduce new innovative products to retailers, consumers and food service, while focusing on getting the greatest value for wild Alaskan seafood resources. We believe a long-term commitment to the seafood industry provides us an ability to build a story around our work in environmental services where we protect the ocean environment, while utilizing the resources of the ocean in a sustainable manner, taking the example of our ancestors and utilizing their values and knowledge.
The business momentum we achieved in 2017 will carry forward into 2018, and along with 7(i) and investment income, Sealaska is in one of the strongest financial positions it has been in in its history. Strong financial results lead to increased shareholder value.