Sector News

Categories

Borderless Insights

Image
Ditch Your CV Biases: Finding Your Next Leader Demands a Storyteller’s Curiosity
Image
Career 2.0: Mid-Career Transition for the Over-50 Executive
Image
How can we really achieve gender equity in the C-Suite?

Thai Union Frozen Products to Buy Bumble Bee

December 19, 2014
Consumer Packaged Goods
Thai Union Frozen Products PCL, one of the world’s largest seafood companies, said Friday it is acquiring U.S.-based Bumble Bee Seafoods LLC for $1.51 billion.
 
TUF said in a statement that the move is aimed at improving “operating efficiencies” in its sourcing and production, and making further advances into North American markets.
 
“The deal is the largest acquisition in the history of our company and one of the most exciting external growth propositions,” said Thiraphong Chansiri, TUF’s chief executive, in a statement. Upon completion, the deal would be immediately accretive to TUF’s earnings and cash flows, and would increase group revenue by about 25%, the CEO said.
 
The acquisition of Bumble Bee Seafoods–one of the largest seafood companies in North America–from private-equity firm Lion Capital will add to TUF’s list of international businesses, including Chicken of the Sea and MW Brands.
 
“This combination is good news for our customers, consumers and the industry as a whole,” Chris Lischewski, chief executive of Bumble Bee Seafoods, said in a statement.
 
Bumble Bee Seafoods, which is based in San Diego and employs 1,300 people, records annual sales of approximately $1 billion and an estimated earnings before interest, tax, depreciation and amortization of $145 million in 2014, TUF said.
 
The Thai company’s latest deal “simply makes sense. It should benefit the company’s shareholders and its own business,” said Charti Phrawphraikul, an analyst from Phatra Securities in Bangkok.
 
TUF said the deal’s closing is subject to approval by the U.S. antitrust authorities and other closing conditions. The companies said they expect the transaction will close in the second half of 2015.
 
Two of Thailand’s major banks, Bangkok Bank PCL and Siam Commercial Bank PCL, have agreed to offer TUF a one-year bridge loan valued at $1.51 billion, according to Pimolpa Suntichok, a vice president at SCB.
 
By Nopparat Chaichalearmmongkol 
 

comments closed

Related News

November 26, 2023

The future of alt-dairy: Givaudan harnesses digital technologies to customize flavor profiles and predict trends

Consumer Packaged Goods

Consumer behaviors and preferences are evolving rapidly. With macro shifts in society, inflation and food supply challenges set to profoundly influence how people consume food and beverages, Givaudan is exploring what the world of dairy alternatives will look like in the coming decade.

Read more
November 26, 2023

Arla Foods Ingredients CEO Henrik Andersen to step down

Consumer Packaged Goods

After nearly three decades with AFI, Andersen is leaving to pursue a different career path “to work on diverse projects and explore opportunities to serve as board member”. Serving as CEO since 2010, Andersen joined AFI in 1994, initially overseeing applications and R&D. Over the years, he has maintained a strong focus on the whey business.

Read more
November 26, 2023

Kraft Heinz appoints five new members to executive leadership team

Consumer Packaged Goods

The Kraft Heinz Company has introduced five new members to its executive leadership team, who will collaborate with Carlos Abrams-Rivera upon assuming the CEO role in 2024. Pedro Navio will assume the position of North America president at the beginning of next year. In addition, Willem Brandt, Bruno Keller, Cory Onell and Diana Frost will join Abrams-Rivera and Navio on the executive leadership team.

Read more
More news

How can we help you?

We're easy to reach