Thai Union Group, the seafood processor that owns the John West tuna brand, has formed a joint venture through one of its subsidiaries for “nutritious food and beverage products”.
Bangkok-listed Thai Union’s ingredients unit will hold 49% of the venture – Food and Beverage United Company – while BevTech Company owns the remainder, according to a notice to the Stock Exchange of Thailand.
The JV firm, set up through Thai Union Ingredients Co. with registered capital of THB10m (US$319,402), will be based in Bangkok and becomes effective this month.
Thai Union described the venture as “joint investment and collaboration in relation to product development, production and distribution of nutritious food and beverage products under the brand or trademark of Food and Beverage United Co.”
just-food has approached Thai Union for more details on the product make-up within the JV and what sort of customers it will supply to.
It is the latest initiative to be launched by Thai Union, which announced late in September it was investing in a number of food-tech companies through its newly-established venture capital financing unit Thai Union Corporate Venture Fund. The same month, the seafood processor increased its investment in US restaurant chain Red Lobster Seafood Co.
And in August, Thai Union raised its stake in the Russian venture behind DPR Group, TUMD, giving the processor a majority holding of 90%.