Thai Union Increases Holdings in Russian Joint-Venture Vehicle
11 August 2020 – LUXEMBOURG - Thai Union Group PCL (Thai Union) has today announced that it has increased its holdings in TUMD Luxembourg Sàrl (TUMD) through its Luxembourg subsidiary Thai Union EU Seafood 1 SA (Thai Union EU Seafood). TUMD acts as the joint-venture vehicle for Thai Union investments in three Russian companies: Dalpromryba LLC (Dalpromryba), Maguro LLC (Maguro) and Torgovo-Promyshlenny Komplex Dalprombryba (TPK DPR).
Since 2018, Thai Union EU Seafood has held 45% of the share capital and voting rights of TUMD, with the remaining 55% held by MDF Investments Ltd (MDF). Following this transaction, Thai Union EU Seafood will hold a further 45%, bringing its total share and voting rights to 90% of the Company. MDF will remain a 10% shareholder.
Paul Reenan, President Thai Union Europe, said, “Thai Union Europe has placed a focus on growth and fully unlocking our potential and this transaction is a key part of our roadmap of continued expansion. We’re pleased to be further consolidating our business in Russia and continuing our work in the country.”
Alexander Panin, Director MDF Investments Ltd., said, “This transaction will help TUMD reach the next level of growth and we look forward to continuing to work with Thai Union as we enter the next phase for the Company.”
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About Thai Union Group
Thai Union Group PCL is the world’s seafood leader bringing high quality, healthy, tasty and innovative seafood products to customers across the world for more than 40 years.
Today, Thai Union is regarded as one of the world’s leading seafood producers and is the largest producer of shelf-stable tuna products with annual sales exceeding THB 126.3 billion (US$ 4.1 billion) and a global workforce of over 44,000 people who are dedicated to pioneering sustainable, innovative seafood products.
The company’s global brand portfolio includes market-leading international brands such as Chicken of the Sea, John West, Petit Navire, Parmentier, Mareblu, King Oscar, and Rügen Fisch and Thai-leading brands SEALECT, Fisho, Qfresh, Monori, Bellotta and Marvo.
As a company committed to innovation and globally responsible behavior, Thai Union is proud to be a member of the United Nations Global Compact, and a founding member of the International Seafood Sustainability Foundation (ISSF). In 2015, Thai Union introduced its SeaChange® sustainability strategy. Find out more at seachangesustainability.org.
Thai Union’s on-going work on sustainability issues was recognized in 2018 and 2019 by being ranked number one in the world in the Food Products Industry in the Dow Jones Sustainability Index, achieving a 100th percentile ranking for total sustainability score. Thai Union has now been named to the DJSI for six consecutive years. Thai Union was also named to the FTSE4Good Emerging Index for the fourth straight year in 2019.