Thai Union Group is a Thailand-based producer of seafood-based food products. It was founded in 1977, and was listed on the Stock Exchange of Thailand (SET) on 22 November 1994.
Thai Union operates worldwide with plant facilities in France, Germany, Ghana, Poland, Portugal, Papua New Guinea, Norway, Seychelles, Scotland, Vietnam, Thailand and the United States. Its business includes tuna, shrimp, sardines, mackerel, salmon, pet food and prepared foods.
Brand portfolio
Thai Union's brand portfolio includes:
Bellotta (business in Thailand) Chicken of the Sea (business in the US) Fisho (business in Thailand) John West (business in the Netherlands and the UK) King Oscar (business in Norway) Ayam Brand (business in Indonesia, Malaysia and Singapore) Mareblu (business in Italy) Marvo (business in Thailand) Parmentier (business in France) (business in France) Red Lobster (business in the US) (business in Germany) Sealect (business in Thailand)
Financial performance
In 2017, the Thai Union had revenues of 140 billion baht, with a net profit of six billion baht. Total assets amounted to 146.3 billion baht. Total shareholder equity was 48.2 billion baht.
Thai Union's target is to achieve US$8 billion in revenue by 2020. The revenue contribution of its different businesses as of 2017 are: Ambient seafood business, 45 percent Frozen and chilled seafood and related business, 42 percent PetCare, value-added and others, 13 percent
History
1977: Established on 17 March 1977 as Asian Pacific Thai Tuna Co, Ltd. with an initial capital of 25 million baht. 1988: Renamed Thai Union Frozen Products PLC in March 1988. 2010: Acquired MW Brands (now Thai Union Europe) from Trilantic Capital Partners for €680 million. 2010: Expanded and diversified into the pet food business with U.S. Pet Nutrition LLC. 2013: Became the first Thai company to join the UN Global Compact, an initiative aimed at "promoting sustainable and socially responsible policies." 2013: Became a founding member of the International Seafood Sustainability Foundation (ISSF). 2014: Signed a deal for MW Brands to take over 40-year-old French company MerAlliance, the fourth-largest smoked salmon producer in Europe. MerAlliance's revenue for the year to 31 March 2014 was US$220 million. 2014–2017: Included in the Dow Jones Sustainability Indices (DJSI) for four consecutive years, with the company ranked in the 97th percentile among companies in the industry. 2015: Rebranded as Thai Union Group PLC (TU). This rebranding was part of an initiative to "integrate all its [Thai Union] subsidiaries under a single new corporate vision, mission and core values, as well as one unified corporate brand." 2016: Launched SeaChange, the company's sustainability strategy. 2016: Chicken of the Sea recalled 107,000 five-ounce cans of tuna in the US due to undercooking because of an equipment malfunction at an undisclosed factory.
Acquisitions
1997: Completes first overseas investment with the acquisition of Chicken of the Sea, USA's third canned tuna brand. 2003: Acquired Empress International Ltd, a frozen seafood importer and distributor in the US. 2006: Established Chicken of the Sea Frozen Foods to market frozen seafood in the US. Chicken of the Sea Frozen Foods later merged with Empress International and was renamed Tri-Union Frozen Products, Inc. 2006: Acquired majority stake in PT Jui Fa International Food, a canned tuna producer and exporter based in Indonesia. 2008: Acquired majority stake in Yueh Chyang Canned Food, a canned seafood producer and exporter based in Vietnam. 2009: Invested in Avanti Feeds Limited, a shrimp feed and frozen shrimp producer based in India. 2010: Founded US Pet Nutrition LLC to produce and market pet food in the US. 2014: Further expansion into Europe with the acquisition of MerAlliance, Europe's fourth smoked salmon producer and number one producer in France. 2014: Acquired King Oscar AS of Norway, a shelf-stable sardine brand in Norway, USA, and Australia and with over 140 years of heritage. 2016: Acquired German seafood company AG. 2016: Makes a US$575 million investment in Red Lobster, the world's largest seafood restaurant company. 2020: It along with a few other investors bought the remaining equity in Red Lobster from GGC, making it full owner of the chain.