ANALYSIS - Thailand's Thai Union Frozen Products Public Company Limited (TUF), will be expanding its seafood reach in the US and Canada after the company entered into a agreement to acquire 100 per cent of the shares of North America’s Bumble Bee Foods, writes Lucy Towers, TheFishSite Editor.
Bumble Bee Seafoods is privately owned by a Pan-Atlantic private equity firm - Lion Capital. TUF is acquiring the company for a total purchase price of $1.51 billion.
According to Mr Thiraphong Chansiri, President and CEO of TUF: “The deal is the largest acquisition in the history of our company and one of the most exciting external growth propositions. Upon completion, the transaction will be immediately accretive to TUF’s earnings and cash flows and will increase TUF’s group revenues by approximately 25 per cent."
The US Presidential Task Force on Illegal, Unreported, and Unregulated (IUU) Fishing and Seafood Fraud has released 15 recommendations to the President in an effort to combat IUU fishing and seafood fraud.
The recommendations include input from various stakeholders and aim to level the playing field for legitimate fishermen, increase consumer confidence in the sustainability of seafood sold in the US, and ensure the vitality of marine fish stocks.
The Aquaculture Stewardship Council (ASC) is starting a project that will harmonise the structure and content of its eight farm standards to create one core ASC Standard. The core standard will cover the generic requirements, and species or production specific requirements will be covered in related annexes.
Bas Geerts, ASC Standards Director, said: “The current standards cover the 12 most commercially traded species’ groups; however, to truly deliver on our vision more species need to be included as soon as reasonably possible. With one core standard it will be much more efficient to expand to include other species. This means it will shorten the time to get the certified products of new species to market. In addition, based on our two and a half years of real life experience with the standards, we have identified improvement areas for species we currently cover, most importantly ensuring a more consistent approach across species."
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