Thai Union Quits China Tuna Partnership to Make Solo Splash
SEAFOODNEWS.COM [Nikkei Report] by Yukako Ono - December 27, 2016
BANGKOK -- Top canned tuna processor Thai Union Group is selling its stake in a joint venture in China to Philippine partner Century Pacific Group, taking a temporary step back from the world's largest seafood market.
Although the divestment appears out of character for a company that has been making headlines with aggressive acquisitions, it reflects Thai Union's big ambitions in China.
The joint venture, in which Thai Union and Century each hold 50% stakes, distributes Century-brand products. The brand has become the most popular canned tuna in the country, but Thai Union wants to pursue long-term growth with its own brands.
"The sale will allow Thai Union to focus on new opportunities in the China market, including...
To Read Full Story Login Below.