Bangkok-hedquartered Thai Union Group’s printing and packaging subsidiary, Thai Union Graphic Co., has signed a memorandum of understanding (MOU) to launch a joint venture with Starflex PCL, a leading manufacturer and distributor of high quality flexible packaging based in Samut Prakarn Province.
The new company will be registered with capital of THB 250 million. Starflex and Thai Union Graphic will each hold 51 percent and 49 percent of ordinary shares, respectively.
“Our first goal for this exciting new step will be to construct a new factory to produce and supply flexible packaging, mainly for food,” said Starflex President Printhorn Apithanasriwong (second from left in photo above). “With more than 18 years of experience and a solid history of working together with Thai Union, we believe that we can work to support them in their sustainability and packaging goals. This partnership will foster research and development of innovation and technology, leading to increased competitiveness and value-added services.”
Thiraphong Chansiri (second from right in above photo), president and chief executive officer of Thai Union, added: “We are committed to sustainability, which is a key pillar of our global business. Mitigating the effects of our packaging on the environment and innovating in our design and production not only addresses key sustainability challenges, but also provides important business benefits. As part of our SeaChange global sustainability strategy, we have made the commitment that 100 percent of our branded packaging will be reusable, recyclable or compostable by 2025. This new joint venture will help us reach that goal and we are looking forward to working closely with Starflex.”
Conducting business for more than 40 years, Thai Union is a leading seafood company with annual sales exceeding THB 132.4 billion (US$ 4.2 billion) and an international workforce of over 44,000 people. It is a major packer of frozen shrimp and ranked as one of the largest producers of shelf-stable tuna products in the world.