Alliance Tuna International has acquired a majority stake in smoked seafood producer Prime Foods New Zealand (PFNZ) for NZ$1.3 million (US$780,593), GMANews reported yesterday.
The investment agreement also allows for a possible joint venture in the Philippines by Alliance Tuna and PFNZ, which would be majority-owned by Alliance Tuna.
“The JVC [joint venture corporation] will likewise engage in the processing and export of salmon. The JVC’s operation in the Philippines is expected to commence toward the end of 2009. The salmon processed at the JVC will be exported all over the world, except New Zealand, which will continue to be served by PFNZ,” according to Alliance Tuna, which is based in the Philippines.
PFNZ’s products include hot smoked, cold smoked and marinated salmon. The Hororata, New Zealand, company was founded in 1994 and has a 35 percent market share in the country.
Its flagship brand, Prime Smoke, is a leading smoked-seafood brand in New Zealand, and the company produces the Signature Range brand for Progressive Enterprises, New Zealand’s largest supermarket chain.
