Thai Union Expects Upturn
After oil prices and U.S. anti-dumping charges caused a drop of 13 cents per share in just four months, Thai Union Frozen Products yesterday announced it expects its flexible exchange management and overseas expansion to restore its blue-chip status, according to Thai Press Reports.
Under the company's flexible exchange management, 50 percent of U.S. dollar trade has been fixed and the remainder floated. Thai Union's goal is to achieve annual revenue of $3 billion over the next four years and annual sales growth of 15 percent.
The company's annual capital expenditure is set to reach $36 million and will hit $59 million if it has to purchase a fishing vessel.
The company also expects zero tariffs under free-trade agreements, like the Japan-Thailand Economic Partnership, to increase seafood exports by 30 percent.
The company is also looking for opportunities worldwide, particularly relating to shrimp and tuna and has formed a joint venture with partners in the Philippines to build a tuna plant in Papua New Guinea. The partner companies will equally share the $30 million investment.
Thai Union Frozen Products is Asia's largest canned tuna exporter and owns the Chicken of the Sea canned tuna brand in the United States.