Thai Union and V Foods (Thailand) Co., Ltd. have joined forces to develop and expand their plant-based food businesses.
Under a new memorandum of understanding, the two companies will explore the possibilities of using Thai Union’s manufacturing facilities to produce V Foods’ current and future products, according to a 28 June statement from Thai Union. Thai Union and V Foods will also collaborate to co-develop new products and support each other in their respective efforts to widen their domestic and international markets.
“At Thai Union, innovation is crucial in developing and growing our business, and alternative proteins are an important, innovative product that we aim to deliver to meet the needs of consumers,” Thai Union CEO Thiraphong Chansiri said. “We are pleased to start our journey with V Foods, whose vision on innovation and food is a great fit for our core values. We look forward to working with them.”
V Foods’ V Farm is a leading producer of ready-to-eat sweet-corn and corn-milk products in Thailand. The company also provides other products such as More Meat plant-based protein and V Farm-branded plant-based food, according to Thai Union.
Thai Union has been active in diversifying and expanding its businesses recently. On 1 June, the company announced its subsidiary, Songkla Canning Public Company Limited, formed a new company in Japan focusing on the pet food business.
Thai Union posted just over THB 1.8 billion (USD 57.9 million, EUR 47.6 million) in profit for the first quarter of 2021, compared to THB 1 billion (USD 32 million, EUR 26.4 million) in 2020 – a growth of 80 percent. The company’s gross profit for the period was THB 5.5 billion (USD 177 million, EUR 145 million), compared to THB 5 billion (USD 160 million, EUR 132 million) in 2020.
Photo courtesy of Thai Union
