Tri Marine Decision to Stop “Financial Hemorrhaging”

A press release form the Governor’s Office says yesterday morning Mr. Joe Hamby, Chief Operating Officer of Tri Marine International informed Governor Lolo Moliga that Tri Marine is in the process of closing down its tuna fish canning operation while maintaining the other elements of its total operation.

Mr. Hamby informed the governor the global unfavorable economic environment for the fishing industry and changing dynamics of its business prompted the decision “to stop its current financial hemorrhaging.”

Governor Lolo said, “While this decision by STP has devastating social and financial impact on the territory and the lives of its people, businesses exist to make money and to earn the determined rate of return on investment so I know this decision was not made lightly and I do appreciate the courtesy extended to the governor by informing us on this decision.”

The governor gave Tri Marine this assurance: “Please know that the American Samoa  Government will continue to stand firm on its commitment to do everything possible to assist Samoa Tuna Processors address its current challenges.”

He reassured Hamby of current efforts to assist STP qualify for tax credit benefits under the 30A tax credit incentive scheme.

According to the press release, Hamby informed Governor Lolo that Tri Marine is exploring different options for its tuna canning operation in the territory.

When the governor asked the Tri Marine COO about the number of employees affected , he said this issue is being discussed with the local management staff.

The possibility of selling STP  to another company is one of the options that Tri Marine is exploring.

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