“As a global company, everything that is affected by a global economy affects us,” says Dean Flowers, executive vice president and CFO of Phillips Foods. He notes the company has been hit by the change in exchange rates. “We have had to increase prices to our customers, but we are doing our best to hold costs down by increasing efficiencies.” 

Phillips Foods knows the risks associated with rising fuel costs and fluctuating currency exchange rates. The company, however, also recognizes that fisheries based on wild stocks are limited and that growing demand for high-quality fish sources has led to stiff competition for raw material, driving up prices.

Phillips Foods recently added two world-renowned fishery and aquaculture experts to its staff to help address these issues. In Indonesia – one of the chief sources of Phillips’ crabs – the company is one of the founding members of the Indonesian Crab Producers Association, which brings together 80 percent of the processing capacity in the country. The Phillips Foods’ Aquaculture and Sustainability Division has led research planning and the implementation of the guidelines for this association.

Recognizing that most future increases in fish supplies will come from aquaculture, Phillips Foods also started an aquaculture production of a number of species to bring new products to its offerings. Investing in the sustainability of fisheries and in aquaculture will provide Phillips Foods and its customers with a continuous supply of high-quality fish and shellfish.

“In order to provide a safe, consistent supply of quality seafood for our foodservice, retail and restaurant customers and employees, it’s absolutely critical that we work together with our partners throughout the world to be responsible stewards for the resources entrusted to us, and to invest in the people and infrastructure of the countries that welcome us,” Steve Phillips says.

Peter R. Gourlay is the president of the Maryland-Asia Environmental Partnership and chairman of the Business Growth Committee of the World Trade Center Institute. He can be reached at This e-mail address is being protected from spam bots, you need JavaScript enabled to view it .