Mitsubishi Corporation (MC) has reached an agreement with Thai Union Group Public Company Limited (TU) to enter into a business alliance agreement in which it will acquire 13.81% of the Bangkok-headquartered seafood company’s issued shares, increasing its stake in the firm from 6.19% to 20%. The purchase price is reportedly 6.65 billion baht (US $205 million).
Global demand for seafood continues to rise, driven by population growth and shifting consumer preferences in line with economic development. Among the various seafood products, tuna stands out for its widespread appeal across both developed and emerging markets. Its stable supply is carefully managed under strict resource sustainability guidelines. Tuna is highly versatile—used in frozen and chilled sushi/sashimi, shelf-stable canned products, and, more recently, in pet food products, a category that has seen notable growth in demand.
Ranked as one of the world’s largest seafood processing and sales companies, the Thai Union Group is a major supplier of frozen shrimp and a market leader in canned tuna and wet pet food made from tuna. Since Mitsubishi’s initial investment in TU in 1991, the two companies have cultivated a strong relationship over more than 30 years, collaborating across broad seafood-related businesses, including frozen products such as salmon and shrimp, as well as canned tuna and pet food.
Through this agreement, MC and TU aim to maximize value across the seafood value chain by leveraging their respective strengths in procurement, processing and sales, while enhancing global synergies and ensuring a stable supply of high quality products that meet consumer needs.
“Our strategic alliance with Mitsubishi Corporation is a testament to the strength of our business and our shared vision for the future of the seafood industry,” stated Thai Union CEO Thiraphong Chansiri. “Together, we will accelerate our growth, enhance our competitiveness, and continue to deliver healthy, sustainable products to consumers worldwide. This partnership, built on decades of trust, will benefit all our stakeholders and solidify our position as a global seafood leader.”
The formal announcement and commencement of Mitsubishi’s offer is subject to fulfillment of certain conditions precedent.
