Thai Union Group has announced plans to acquire a majority stake in German canned seafood processor Rugen Fisch.

The deal will see Thai Union acquire 51% of Rugen Fisch from owners the Brinkmann Family.

Rugen Fisch was described by Thai Union as the “market leader” for shelf-stable canned seafood in Germany. The company has revenues in excess of EUR140m (US$151.9m). It supplies retailers in Germany with herring, mackerel and salmon under the Rugen Fisch, Hawesta and Ostee Fisch and Lysell brands, as well as supplying private-label products.

Thai Union said through the deal it expected to become “the market leader in Germany and further strengthen its position as the European seafood leader”.

It added the deal would result in Thai Union adding 2% to group revenues, creating “substantial growth opportunities that will achieve promising returns by 2020”. 

Thai Union has a goal of hitting US$8bn in annual sales by 2020. The transaction is expected to close next month.

Earlier this month Thai Union called off its planned acquisition of US seafood canner Bumble Bee Foods after it believed it would be unlikely to get regulatory clearance for the deal.