Thai Union to buy Canadian lobster processor

Tue Jul 5, 2016 7:14am EDT
 
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BANGKOK (Reuters) - Thai Union Group Plc (TU.BK: Quote), the world's largest canned tuna producer, said on Tuesday it would buy a majority stake in Canadian lobster processor Les Pecheries de Chez Nous (Chez Nous) for an undisclosed amount.

Thai Union, which makes the "Chicken of the Sea" brand and counts Wal-Mart and Costco among its buyers, will give financial details about the deal in August, it said in a statement.

Francois "Frankie" Benoit, the existing owner and chief executive of Chez Nous, will retain a minority share in the company which had sales of about C$50 million in 2015, the Thai firm said.

The deal comes after Thai Union's Tri-Union Frozen Products unit acquired Orion Seafood International in 2015, making it one of the largest sellers of North Atlantic lobster in the United States.

Thai Union has been looking for more acquisitions after it scrapped a $1.5 billion deal to buy U.S. rival Bumble Bee Seafoods in December.

(Reporting by Khettiya Jittapong; Editing by Mark Potter)

 
The logo of The Thai Union Group is pictured at its R&D lab in Bangkok, Thailand, March 31, 2016. REUTERS/Athit Perawongmetha