Dive Brief:

• Alaskan seafood company Silver Bay Seafoods sold a 12% stake in its company to Starkist Co., owned by Dongwon Industries of South Korea.
• Silver Bay, which currently employs about 300 fishermen, will remain unchanged except for a dilution of shares and addition of two board seats, one for a fisherman and one for Starkist senior management.
• The deal was originally announced in November, but Silver Bay just released details to the Sitka Chamber of Commerce late last week.

Dive Insight:

Silver Bay has a penchant for salmon processing, so while the move isn't for a majority stake, it's clear tuna-producing Starkist is on the hunt to add salmon to its repertoire. Through this deal, Silver Bay comes out with capitol to reinvest in expansion and opens the door to the canned seafood market. 

Starkist, once owned by Del Monte Foods, was sold to Dongwon Industries in 2008. Last year, Starkist spruced up its small-screen image by reintroducing its mascot, Charlie the Tuna.