TOKYO —

Major Japanese marine products maker Nippon Suisan Kaisha Ltd said Wednesday it will realign its North American fishing business. Alaska Ocean Seafood LP, held 25% by the Nippon Suisan group, will be absorbed by industry peer Glacier Fish Co in early June. Both companies are based in the U.S. state of Washington.

The Nippon Suisan group will take a 25% equity stake in Glacier Fish by swapping its shares in Alaska Ocean Seafood for Glacier shares and making an additional investment worth $26.3 million. Glacier Fish, known for its strength in at-sea fish processing operations, will thus become a member of the Japanese group. Revenue at the combined entity in 2008 is projected at over 100 million dollars.

Nippon Suisan is implementing a strategy of strengthening its global production and sales network at a time of growing shortages in global fishery resources. The planned realignment is part of this strategy.

The addition of Glacier Fish is expected to enhance the Japanese group’s competitiveness in North America, a major source of Alaska pollack, whose surimi, or minced meat, is the best to make processed seafood products, Nippon Suisan officials said.

JCN

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