Sealaska Announces Sale of Nypro Kánaak Joint Ventures
Operational Transformation of Sealaska Continues
Juneau, AK – Sealaska has sold its ownership in three joint ventures with Nypro Inc. which collectively were known as Nypro Kánaak. The manufacturing facilities located in Alabama, Iowa and Guadalajara, Mexico create precision plastic products for use in the healthcare, packaging and consumer electronics industries.
Sealaska is re-engineering its portfolio of companies to simplify operations, improve profitability, and align operating companies more closely with its core Native values. Sealaska’s decision to sell certain of its subsidiaries is a core part of this strategic plan and operational transformation. Sealaska is redefining its path to long-term economic sustainability that is guided by, and helps fulfill, its cultural values.
“This sale represents an opportunity to transform future earnings into cash that we can now reinvest into initiatives that are aligned with our core values,” said Sealaska’s Board Chair Albert Kookesh.
The realignment of Sealaska’s companies may reduce gross revenues in the short term, as Sealaska converts future earnings from the sale of subsidiaries into cash for reinvestment. Sealaska is deliberately shrinking the organization to a base of core competencies from which to grow. This purposeful strategy is being accomplished from a position of financial strength.
“The sale of Nypro Kánaak further strengthens our balance sheet and better positions us to execute our strategic transformation plan,” said Sealaska President & CEO Chris McNeil Jr. “As Sealaska’s plan progresses and our operational profitability improves, we can then redirect our other income to accelerate growth and increase investment in enterprises that more directly benefit our tribal member shareholders and the Southeast region.”
Sealaska, Values In Action
Sealaska has strengthened business with culture since 1972. We are a Native institution owned by more than 21,000 tribal member shareholders whose core cultural values guide all that Sealaska does and represent the rich heritage of our Tlingit, Haida and Tsimshian people. We live our values to build excellence in our Native enterprise and take action towards our purpose: to strengthen our people, culture and homelands.
Posted: July 1, 2013