|
JOHN West, one of the best known names in canned seafood in Britain, has finally been sold following months of speculation. John West is part of the larger French owned MW Brands which also has separate operations in its home country.
MW Brands has been bought byThai Union Frozen Products (TUF) the world's largest canned tuna maker, for 680 million euros (£560 million sterling).
MW, which has operations in several European countries including Britain and Italy, owns brands the canned tuna producer Petit Navire as well as John West.
It was once part of HJ Heinz and is being sold by private equity firm Trilantic Capital Partners, which bought it in 2006.
The deal is the latest in a series of high profile seafood related sales, the most recent being the acquisition of Findus Italy by Permira, the private equity firm which owns Birds Eye Iglo Frozen Foods.
Thai Union President Thiraphong Chansiri said in a statement. Last night:"We believe the combination of these two highly complementary businesses will unlock synergies and create a leading global seafood company with broader sources of supply and end-markets,"
He said the acquisition will add four processing plants in France, Portugal, Seychelles and Ghana to its five existing facilities, and will double its fishing fleet from four to nine vessels.
The purchase of MW Brands will also boost European sales to more than one third of its total from 11 per cent. Around half of Thai Union Frozen's sales are in the United States where its canned tuna Chicken of the Sea brand is predominantly sold. Next comes Europe and Japan.
Should fisheries be closed during breeding time to allow stocks to reach more sustainable levels?
