Kyokuyo Co. is to acquire a majority stake in a Danish seafood processor and distributor, marking the Japanese group’s latest step to accelerate its global portfolio expansion.
According to a statement from Kyokuyo, it has reached an agreement with Engelsviken Canning Norway to acquire shares in two of its subsidiaries – seafood processing and sales companies Engelsviken Canning Denmark and Engelsviken Norway – which operate seafood processing and sales sites.
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As a result, Kyokuyo’s Europe subsidiary will acquire a 90% stake in Engelsviken Canning Norway. Financial details of the deal were not disclosed.
Engelsviken Canning Denmark handles the production and sales of the products, and its subsidiary, while Engelsviken Norway is engaged in the import/export of seafood and the sales of Engelsviken Canning Norway products, the statement said.
Last year, the Tokyo-listed seafood company bought a majority interest in Northseafood Holland as part of its strategy to establish an overseas processing presence.
The seafood processing and sales company Engelsviken Canning Norway was founded in 1867 in a Norwegian port town.
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By GlobalDataReflecting on the rationale of the purchase, Kyokuyo’s statement said the Engelsviken brand of shrimp products is a “widely recognised” label in countries like Norway, Sweden and Denmark, where it has established a “strong presence”.
Kyokuyo said it was growing its operations overseas “and has worked to strengthen its European operations by bringing a Dutch company and a Turkey-based exporter under our group as consolidated subsidiaries”.
The company added the acquisition “will expand its sales coverage of the Nordic market, in addition to the western and southern European markets it has developed primarily through its Dutch subsidiary, Kyokuyo Europe”.
The statement also said that going forward, Kyokuyo aims to “leverage the sales networks of Engelsviken Canning Denmark and Engelsviken Norway to increase sales of processed salmon/trout, fried products, etc., produced by the Dutch and Turkish companies it brought in as subsidiaries in 2024”.
It added that. through these efforts “Kyokuyo will enhance the synergies within its European operations and further accelerate the global expansion of fish company Kyokuyo”.
For the first quarter of this year, Kyokuyo generated net sales of Y76.03bn ($510.8m), up 11.5% on a year earlier.
However, operating profit fell 15.9% to Y2.61bn. Profit attributable to owners of parent company declined 30.9% to Y1.67bn.
In the year ending 31 March, Kyokuyo increased its net sales by 15.7% to Y302.68bn. Operating profit jumped 25.8% to Y11.08bn. Profit attributable to owners reached Y6.74bn, a rise of 13.5% on a year earlier.
