Thai Union, partners form tuna company
According to an announcement from Thailand's stock exchange on Tuesday, Thai Union Frozen Products has created a new subsidiary through a joint venture with two other seafood companies.
Thai Union purchased Moresby International Holdings to establish a tuna fishing and processing company, Majestic Seafood Corp., in Papua New Guinea.
Along with Century Canning Corp. and Frabelle Fishing Corp., Thai Union will hold a 33 percent share in Majestic.
Thai Union's primary reason for the acquisition is to secure raw material from Papua New Guinea for its plant in Bangkok and to enable the company to gain more access to tuna fishing grounds, according to an announcement.
In addition, the company will be able to access the European Union market for tuna products duty free.