Seafood giant Thai Union Group has taken its stake in US subsidiary Tri-Union Frozen Products to 100% after buying out the unit’s minority shareholder.
Thai Union, which owned 82% of Tri-Union Frozen Products, has acquired the 18% of the business owned by the US firm’s management for around THB1.6bn (US$46.1m).
“The acquisition was part of the company’s attempt to fully integrate its interests in all its subsidiaries around the world in order to obtain effective control for the better management and alignment of group’s strategies, corporate vision, mission and core values,” Thai Union Group said in a statement today (3 October).
Tri-Union Frozen Products operates its business as Chicken of the Sea Frozen Foods. The company focuses on frozen and chilled seafood and is not to be confused with ambient seafood supplier Chicken of the Sea International.
Thai Union founded Chicken of the Sea Frozen Foods in 2006 with a group of seafood professionals in the US who are currently the senior management at the business.
The Thai giant describes Chicken of the Sea Frozen Foods as “one the US’s leading frozen seafood importers and distributors”.
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Thai Union bought 50% of the ambient-focused Chicken of the Sea International in 1997 and became its sole owner in 2001 through a buyout of two other minority shareholders.