Thai Union subsidiary King Oscar has acquired half-ownership of Icelandic cod liver producer Aegir Seafood Company.
Bangkok, Thailand-based Thai Union advised the Stock Exchange of Thailand that the investment in 50 percent of the shares in Aegir was made to “strengthen and enhance cod liver business of King Oscar and Rugen Fisch brands.”
Grindavík, Iceland-based Aegir is now jointly owned by King Oscar and private company Rekstrarkaup.
King Oscar is a manufacturer of cod liver, sardines, and mackerel that Thai Union acquired in 2014. In 2019, Thai Union made a strategic investment in Aegir to support the growth of King Oscar’s cod liver business.
It was a loan-based investment that has now been converted into the 50 percent shareholding, Thai Union’s European Communications Director Markus Reber told SeafoodSource in an email statement on 18 November.
The investment is aimed at boosting the cod liver business of King Oscar and Thai Union’s Germany-based Rugen Fisch, which includes the manufacture of materials used in other products.
Aegir sources all of its cod from fisheries adhering to the Icelandic Responsible Fisheries certification scheme, and its products are also certified by the Marine Stewardship Council (MSC).
Thai Union posted all-time highs for quarterly sales and net profit in the third quarter of 2022, THB 2.53 billion (USD 70.5 million, EUR 68 million), up 30.7 percent year-over-year, mainly due to a better performance from its core businesses and its pet care and value-added operations. Its sales between July and September surged 14.7 percent year-on-year to THB 40.76 billion (USD 1.14 billion, EUR 1.09 billion) on higher sales prices, rising sales volumes, and favorable foreign exchange rates.
