Mitsubishi Strikes “business Alliance” With Thai Union

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Japanese conglomerate Mitsubishi Corp. coming (4 August) announced a tie-up pinch Thai Union Group – and plans to up its liking successful nan seafood giant.

According to a connection from Mitsubishi, nan companies person entered a “business confederation agreement”.

Mitsubishi, first invested successful Thai Union successful 1991, plans to get a further 13.81% of Thai Union’s shares, boosting its liking successful nan seafood elephantine from 6.19% to 20%.

The group is looking to get nan other stake, equating to 532.27 cardinal shares, for Bt6.65 ($205m), according to filings from Thai Union connected nan Thai Stock Exchange.

The groups person developed a “strong relationship” complete much than 30 years, moving together crossed a wide scope of seafood items, including canned tuna, pet food, and stiff equipment specified arsenic salmon and shrimp, Mitsubishi said.

The caller finance and “alliance” will let some companies to “maximise worth crossed nan seafood worth concatenation by leveraging their respective strengths successful procurement, processing, and sales”, nan institution said.

The woody will “enhance world synergies and ensuring a unchangeable proviso of high-quality products that meet user needs”, it added.

In its statement, Mitsubishi added request worldwide for seafood “continues to rise, driven by organization maturation and shifting user preferences successful statement pinch economical development”.

Tuna, specifically “stands retired for its wide entreaty crossed some developed and emerging markets”, Mitsubishi said.

Thai Union has a beingness successful tuna done a number of its brands, including John West and Sealect.

The move follows connected from Mitsubishi’s waste of UK seafood awesome Princes to Newlat Food for £700m (then $893.6m). Mitsubishi acquired nan Liverpool-based Princes successful 1989.