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Thai Union Frozen Products Hikes Sales Forecast after Buying Seafood Importer.
Byline: Charoen Kittikanya
Aug. 6--Thai Union Frozen Products (TUF) has raised its sales projection for this year to at least US$1 billion due to the contribution from its recent acquisition of New York-based Empress International, a leading importer and distributor of frozen and fresh seafood.
Before the $24.5-million acquisition, TUF had projected its sales would be approximately US$900 million this year, compared with $800 million in each of 2002 and 2001.
"Empress International is expected to contribute about US$100 million to sales for the remaining months of this year, but once the company has undergone business consolidation with the group, TUF is expected to realise over US$210 million in annual sales from the newly acquired firm," said Thiraphong Chansiri, TUF's president. "That would also fuel a growth rate of 15-20 percent next year."
Mr Thiraphong said with strong distribution network of its Xcellent brand frozen seafood products, the synergy of the acquisition would enable TUF to carve a larger market share in the US in addition to that of its Chicken of the Sea tuna products.
Once Empress International is fully consolidated, TUF expects the frozen shrimp business will account for 30 percent of total sales next year from the current level of 15 percent, while the proportion of the tuna business will fall to 40-50 percent next year from 64 percent currently.
The United States is currently TUF's largest market, accounting for 27 percent of its total exports followed by Japan with a 26 percent share.
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