Bangkok--5 Nov--Thai Union Frozen Products
· King Oscar and MerAlliance transactions have satisfied all regulatory requirements and closing conditions and officially reached their completion
· Both transactions will contribute to Thai Union Group’s consolidated sales and earnings from November 2014 onward
Thai Union Frozen Products PCL (TUF), the world’s number one shelf-stable tuna processor and owner of leading global portfolio of seafood brands, today announced its completion of the acquisitions of MerAlliance and King Oscar. The deals’ closure follows the announcement on September 4 and 15, 2014 respectively that Thai Union Group entered into an agreement to acquire 100 percent ofMerAlliance and King Oscar’s assets.
Both deals represent a strategic driver for TUF to double the group’s revenue by 2020. With their existing capacity, the acquisitions present Thai Union Group with a great opportunity to leverage its strengths and accelerate growth. MerAlliance and King Oscar transactions will be consolidated into TUF’s sales and earnings from November 2014 onward.
MerAlliance is the leading European chilled smoked-salmon producer with the annual sales of USD 220 million in the fiscal year ending 31 March, 2014. Whilst King Oscar is the leading canned premium sardine in Norway, USA, Poland, Belgium and Australia, generated USD 80 million sales in year 2013. Both companies are now formally part of one of the world’s strongest seafood companies. It is taking a forward-looking step to strengthen and significantly expand its existing brand growth opportunities in new territories worldwide.
MerAlliance’s arrival allows Thai Union Group to expand from the existing product offerings in frozen and shelf-stable into the chilled category. Furthermore, King Oscar’s highly unique products and its finest trademark present a great complement to Thai Union’s existing portfolio of leading global brands, namely, Chicken of the Sea, John West, Parmentier, Petit Navire, Mareblu, Century, and Sealect.
According to Mr. Thiraphong Chansiri, President and CEO of Thai Union Group, “The completion of these two transactions places us in an even stronger position at the heart of world seafood industry. By incorporating MerAlliance and King Oscar into our portfolio, we are gearing towards more strategic premium branded product development as well as ensuring our consumers and customers with continued expertise and more comprehensive products offerings.”