Japanese conglomerate Mitsubishi Corp. today (4 August) announced a tie-up with Thai Union Group – and plans to up its stake in the seafood giant.

According to a statement from Mitsubishi, the companies have entered a “business alliance agreement".

Mitsubishi, first invested in Thai Union in 1991, plans to acquire a further 13.81% of Thai Union's shares, boosting its stake in the seafood giant from 6.19% to 20%.

The group is looking to acquire the extra stake, equating to 532.27 million shares, for Bt6.65 ($205m), according to filings from Thai Union on the Thai Stock Exchange.

The groups have developed a “strong relationship” over more than 30 years, working together across a broad range of seafood items, including canned tuna, pet food, and frozen goods such as salmon and shrimp, Mitsubishi said.

The fresh investment and "alliance" will allow both companies to “maximise value across the seafood value chain by leveraging their respective strengths in procurement, processing, and sales”, the company said.

The deal will “enhance global synergies and ensuring a stable supply of high-quality products that meet consumer needs", it added.

In its statement, Mitsubishi added demand worldwide for seafood "continues to rise, driven by population growth and shifting consumer preferences in line with economic development".

Tuna, specifically "stands out for its widespread appeal across both developed and emerging markets", Mitsubishi said.

Thai Union has a presence in tuna through a number of its brands, including John West and Sealect.

The move follows on from Mitsubishi's sale of UK seafood major Princes to Newlat Food for £700m (then $893.6m). Mitsubishi acquired the Liverpool-based Princes in 1989.