Thai Union buys King Oscar Co.
Thailand-based Thai Union Frozen Products (TUF) has announced an agreement to buy Norwegian seafood company King Oscar, the company's second European acquisition in a month.
“It is a relatively small, but highly strategic acquisition for our group,” said Thiraphong Chansiri, president and CEO of TUF. “It will give us a unique position and an opportunity to build ‘King Oscar’ brand in the market worldwide and into our global brand portfolio.”
King Oscar is known for its canned sardines, and also deals in mackerel and tuna, dealing largely with markets in Europe, Australia and the United States.
“We have a strong and loyal consumer base that enjoys our premium seafood products. Now we will be part of one of the strongest seafood companies in the world,” said King Oscar CEO Geir-Arne Asnes.
The acquisition comes on the heels of TUF’s announcement that it was purchasing French smoker MerAlliance. TUF had previously announced it would be making a series of key buyouts.
TUF expects to close on the King Oscar purchase in the fourth quarter of 2014.