Yihe partners with broker that put it in receivership

Yihe on Sunday at Seafood Expo North America announced it named Junbin Yang, chairman of the Fuhuang Group, a financial partner. In addition, the seafood processor selected Resource One as an on-going partner to manage its retail sales and supply chain management, including the launch of the “New Yihe” Corp.

Yihe is using its presence at the expo 16 to 18 March in Boston to leverage the launch of the “New Yihe” Corp.

“Because of our recent challenges, we felt it was important to let our customers and the industry know that we have made significant changes to our business model to ensure stability and future and long-term success,” said Stephen Chen, founder. “We are grateful for our customers who have remained loyal to Yihe, and we are confident that we have made the necessary improvements in our operations moving forward.

“We are excited to have Mr. Yang’s backing of Yihe. His support in the procurement of raw materials and in our plant operations in China will position Yihe to be more competitive in the marketplace. Moreover, Mr. Yang’s seafood operations and resources will help ensure our raw materials supply over the long-term.”

Resource One — the broker whose claim landed Yihe in receivership last year — will provide support to Yihe’s supply chain platform, including forecasting, production planning, container transportation/tracking, inventory management and warehousing and transportation logistics.

“Yihe has developed long-term relationships with many retailers based on their unquestioned quality and industry-leading prices,” said Ed Cuccio, Resource One chairman and CEO.  “Subsequently, all of its retail customers have benefited greatly from their participation in Yihe’s programs.  Yihe understands how to position our retailers to succeed in the frozen seafood space and expect that these same proven attributes will be equally important to our customers moving forward.  In addition, we are excited to have a new and expanded role in managing Yihe’s supply chain needs, ensuring continuity across its platform.”