April 8, 2016
Thai Union looking at shrimp opportunities in Indonesia, Bangladesh
Seafood giant Thai Union Group Pcl (TU) is eyeing possible investments in the shrimp sector in Indonesia and Bangladesh, Reuters reported.
Rittirong Boonmechote, head of TU''s global shrimp business, was reported as saying on Thursday that the two countries looked "interesting" in terms of supply and that the company was looking for "opportunity in M&A (mergers and acquisitions) and a joint venture".
Thai Union has been on an acquisition binge outside Thailand as it reduces its reliance on domestic seafood supplies, particularly shrimp, which has been hit by the deadly EMS (early mortality syndrome).
Just last week, Thai Union announced it had acquired a 40% stake in Indian prawn and fish-feed maker Avanti Feeds'' shrimp-processing unit Avanti Frozen Foods Private Ltd for 1.25 billion Indian rupees (US$18.5 million).
Also in February, it said it had completed the acquisition of a 51% stake in the Germany''s leading fish processor, Rügen Fisch.
Its acquisition of the US-based Bumble Bee Seafoods last year was aborted after concerned US authorities said it would go against the antitrust law, or harm fair competition.
Thai Union aims to generate $1.2 billion in revenue from new businesses in the next five years.