Thai Union Ingredients, a subsidiary of Thai Union, and Inter Pharma Public Company Limited have decided to form a joint venture on health supplements, Thai Union said in a statement on 7 January.
The new JV, Interpharma-ZEAvita Co., Ltd., will have a registered capital of THB 20 million (USD 660,000, EUR 540,000). Thai Union will hold a 49 percent stake in the new company, with Inter Pharma holding a 50.99995 percent stake and its CEO, Trinnawat Thanitnithiphan, with a 0.00005 percent stake.
Interpharma-ZEAvita’s main focus will be research and development, as well as the manufacturing and distribution of health products. Thai Union CEO Thiraphong Chansiri said the new investment shows the seafood giant’s expansion from its core business to healthy products.
“As consumers are increasingly focused on health and wellbeing, Thai Union Thailand is committed to a strategy of healthy living and healthy oceans as this is clearly where future growth lies,” Chansiri said.
Inter Pharma’s Thanitnithiphan believes the new joint venture will help boost business growth for the two companies. He expects Inter Pharma’s sales will grow by at least 25 percent to THB 2 billion (USD 660 million, EUR 540 million) by 2024.
Thai Union’s establishment of the new venture comes as the company was working to overcome difficulties in production activities brought about by a new wave of the coronavirus cases in Thailand. On 6 January, Thai Union said it had conducted testing for 23,630 employees out of its 27,552 employees in Samut Sakhon Province as of 5 January, with 69 of its employees testing positive for COVID-19 during the process. The infected people have been quarantined or treated, as per the government’s rules.
The company said all of its factories remain open and operational. It was strengthening health and safety measures at all of its plants to ensure safety for its workers, products, and production. Citing the World Health Organization (WHO), the U.S. Centers for Disease Control and Prevention, and the Food and Drug Administration, Thai Union ruled out any risk of infection spread via food products or food packaging.
Photo courtesy of Thai Union and Inter Pharma
