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Author Topic: Tri Marine may acquire Chicken of the Sea tuna plant in American Samoa  (Read 8441 times)

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Tri Marine may acquire Chicken of the Sea tuna plant in American Samoa

July 29, 2010
 â€œTri Marine is negotiating a purchase agreement with Chicken of Sea conditional on Tri Marine securing a long term ground lease and other agreements with the American Samoa Government,” said Governor Togiola.

Governor Togiola said that Tri Marine officials were on island to inspect and value the plant and to have detailed discussions with the Governor.

According to Mr. Joe Hamby, Group Managing Director of Tri Marine International, Tri Marine is pleased to have the opportunity to acquire the former Chicken of the Sea facility here in American Samoa.

“We are grateful to Governor Togiola for his tireless efforts to make this possible,’ said Mr. Hamby. “While there are many details to finalize, we are looking forward to concluding an agreement that will allow us to resume tuna processing operations at the plant.”  

Tri Marine has fishing boats based in American Samoa and they are interested in the long term viability of the tuna processing industry in American Samoa. They are working to develop a plan to recommence fish processing operations using the Sampac facility. The facility is expected to require significant investment before resuming operations.

Chicken of the Sea Vice President of Special Projects, Mr. John DeBeer, is also on island especially to assist Tri Marine officials in understanding the current state of the plant and to provide information that Tri Marine needs to develop their operating and development plan.

“I am pleased at the progress being made in this process of selling the plant to such a high caliber and well regarded tuna company like Tri Marine,” said Mr. DeBeer.

Tri Marine is aware of the importance of the tuna processing industry to the American Samoan economy and the high level of public interest in the future of the Sampac plant.

Mr. Hamby said Tri Marine is taking great care in doing everything possible to not mislead or otherwise raise expectations beyond the practical limitations of the facility and the business.

“We are negotiating in good faith with Governor Togiola and with Chicken of the Sea and we are hopeful that we will be able to arrive at a successful conclusion,” said Mr. Hamby.

Mr. Hamby explained that the process is ongoing and that Tri Marine is working on a detailed business plan based on the acquisition and operation of the Sampac facility.

“I can tell you that we are not trying to replicate what Chicken of the Sea was doing. That business model was obviously not sustainable,” said Mr. Hamby. “We will need to do something more, something different. All this will take time. We will need Governor Togiola’s blessing and we will need everyone’s patience and support.”

Tavita Tusitala

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Tri Marine agrees to buy COS plant, ASG executes new lease to Tri Marine
« Reply #1 on: October 08, 2010, 07:58:19 AM »
Tri Marine agrees to buy COS plant, ASG executes new lease to Tri Marine

October 5, 2010 -Governor Togiola Tulafono, together with the Chief Executive Officers of Tri Marine, Mr. Renato Curto, and Chicken of the Sea, Mr. Shue Wing Chan, in Honolulu today signed off on several agreements that will pave the way towards the reopening of the fish cannery plant once operated by Chicken of The Sea (COSI) in American Samoa as a Tri Marine operated plant.

In a ceremony at Halekulani Hotel in Waikiki, Governor Togiola, Mr. Curto and Mr. Chan executed an agreement among the three parties which assures the sale of the COSI plant and equipment to Tri Marine and the termination of the lease between the American Samoa Government (ASG) and COSI.

This agreement also settled some long standing issues between ASG and COSI as part of the consideration for the early termination of the lease, and the concessions regarding the purchase of the plant and equipment. Tri Marine and COSI also executed the agreements that brought about the transfer of the plant and equipment from COSI to Tri Marine.

ASG and Tri Marine then executed a new lease between the two parties initially giving Tri Marine a slightly less than 10 years lease which includes extensions that will yield a total term of 30 years, which will be submitted to the Fono for their review.

ASG and Tri Marine also entered into discussions for tax exemptions and concessions to be granted by ASG, which will be presented to the Tax Exemption Board in accordance with the law, and will ultimately result in another agreement between ASG and Tri Marine governing tax concessions, after due notice and hearing by the Tax Exemption Board.

Prior to the tripartite execution of the several agreements, Governor Togiola addressed the gathering, which included the First Lady of American Samoa - Mary Ann Tulafono, and several ASG officials, as well as COSI and Tri Marine, to express his gratitude for the culmination of successful negotiations.

“I wish to give my sincere thanks to Mr. Curto and Mr. Shue Wing for their patience, understanding and compassion for the people of American Samoa. Concluding this transaction today is by no means the end of our work to stabilize our tuna canning industry. Rather, it is just the beginning of the real difficult work that will require the partnership of many people and many entities ranging from our local government, to the Fono, to our member of Congress, to Tri Marine, Star Kist and Dongwon in working together to improve our situation in a global way,” said Governor Togiola. “We compete in global markets and our focus and drive to become competitive must be global in nature and action.”

ASG representatives included Attorney General Fepulea’i Arthur Ripley Jr., Treasurer Magalei Logovi’i, Tax Manager Melvin Joseph, businessman Carlos Sanchez and Governor’s Chief Legal Counsel - Toetasi Tuiteleleapaga.

Representing Tri Marine was CEO Mr. Renato Curto, Managing Director Joe Hamby, Chief Financial Officer Stephen Farno, attorney Craig Gilbert, and attorney Dan King of American Samoa.

Chicken of the Sea was represented by CEO Mr. Shue Wing Chan, Chief Financial Officer Robert Blatt and Mr. John DeBeer, who was instrumental in the transitioning of the business when it closed.

Governor Togiola will return to American Samoa on Thursday night.

Source: American Samoa Government

Penina O le Vasaloloa

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Re: Tri Marine may acquire Chicken of the Sea tuna plant in American Samoa
« Reply #2 on: December 19, 2011, 01:00:37 PM »
The news article, was  great read.
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Tavita Tusitala

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Re: Tri Marine may acquire Chicken of the Sea tuna plant in American Samoa
« Reply #3 on: December 19, 2011, 03:53:55 PM »
Agreed!  Spam ads removed!
fa'afetai tele lava!


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