TUF plans new plant in USA to boost overseas market
Thai Union Frozen Products Plc (TUF), Thailand’s major processor and exporter of canned and frozen seafood, plans to set up a new plant in Georgia, USA, as part of its efforts to enhance competitiveness in international market.
TUF president Thiraphong Chansiri yesterday disclosed that the company, through its US subsidiary Tri-Union Seafoods LLC which is based in San Diego, plans to spend about 20 million dollars on the new plant and for the restructuring of an existing plant in American Samoa while some 34-40 million dollars are set for plant upgrades.
The new Georgia plant of Tri-Union Seafoods, owner of “Chicken of the Sea” brand, is expected to be able to start operations in October this year, Thiraphong added.
He also revealed that TUF, despite the current economic crisis, has recorded a healthy growth in sales and net profit in the first quarter of this year as the sales rose 15 percent from the same quarter last year to nearly 17.67 billion baht while the quarter’s net profit increased 13 percent from the first quarter of last year to 653 million baht.
Thiraphong said his company managed to achieve sustained growth in sales during the quarter of this year despite the presence of several risk factors, especially the ongoing global economic crisis, mainly from its focus on operations efficiency and risk management.
TUF’s sales come mainly from tuna products, about 48 percent, while frozen shrimp contributes about 17 percent, canned pet food about ten percent, canned seafood nine percent, canned sardine and mackerel five percent, products for the domestic market four percent, shrimp feed four percent and frozen cephalopod three percent.
Meanwhile, TUF’s major export markets are USA, about 51 percent of its exports, the European Union, 15 percent, Japan, 11 percent, and Africa, six percent. Other markets include Australia, Asia, the Middle East, Canada and South America.
TUF has set a sales growth target of 15 percent for this year.
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