Bangkok, Thailand-based Thai Union plans to invest an additional EUR 10 million (USD 10.2 million) into Indian Ocean Tuna Ltd., a manufacturer and exporter of canned tuna in the Seychelles.
The seafood-processing plant is 60 percent owned by Thai Union Europe and produces Thai Union’s John West, Petit Navire, and Mareblu canned tuna products. The remaining 40 percent ownership belongs to the Seychellois government.
Thai Union President Thiraphong Chansiri said during a visit to the Seychelles in late April the company has already invested EUR 40 million (USD 42 million) in the plant to boost its processing capacity and capabilities, and that the new investment will be made over the next two years.
"Indian Ocean Tuna is a very important part of our business, one of the strategic facilities within our group. It is for that reason that Thai Union is looking for ways to improve the company's competitiveness," Chansiri said.
Chansiri, who met Seychelles President Wavel Ramkalawan during his visit, said Thai Union is looking into the possibility of expanding the development and use of solar energy to power the facility. He also said Thai Union will be looking to increase its collaboration with the Seychellois fisheries ministry and education ministry.
Ramkalawan said his country is exploring new avenues in which it can work with Thai Union to expand the company’s operations in Seychelles.
The announcement comes at a time when Thai Union is eager to invest more in its global operations to drive the future development of the company, Chansiri said.
In the company’s 2021 annual report, the company confirmed it “continued to look to the future, finalizing a number of important strategic investments in businesses across Europe and Southeast Asia over the year, which will be essential in driving future growth.”
However, in its Q4 2021 results, Thai Union nnoted “tuna catches worldwide remained low, but prices remained under pressure due to a lack of end-product demand.”
Over the last two years, Indian Ocean Tuna’s production of canned tuna has declined due to fluctuations in demand, according to the plant’s general manager, Ricardo Luzio. In an interview with the Seychelles News Agency, Luzio also cited fierce global competition in the canned tuna sector.
Other Thai Union entities operating in Africa include tuna exporter MW Brands Seychelles; Pioneer Food Cannery, a manufacturer of canned tuna; and Tuna Logistics Services, an ingredient manufacturer and distributor.
Photo courtesy of Thai Union
