Diversification is the name of the game for seafood giant Thai Union
This story is part of Forbes' coverage of Thailand's Richest 2019. See the full coverageAfter overcoming two crises in recent years, Thai Union Group CEO Thiraphong Chansiri now faces what may be his biggest obstacle yet—declining demand for the tuna that is his company’s biggest product. U.S. consumption of canned tuna has declined about 40% in the past three decades, according to the U.S. Department of Agriculture, amid environmental and, more recently, health concerns.
The family owns about 20% of Thai Union, which was founded by Kraisorn and his brother Cheng Nirruttinanon in 1977 in Thailand’s coastal Samut Sakhon province. Thiraphong, now 53, took the helm at Thai Union from his father in 1995. The company was then canning tuna for other companies’ brands. As it grew in size, Thai Union bought them: in 2014, it paid $866 million for France’s MW Brands, in doing so gaining popular European brands John West, Petit Navire, Parmentier and Mareblu.
Thai Union worked with Greenpeace to develop its policies on sourcing tuna and other seafood in a sustainable manner. In its latest annual report, the company says it’s moving towards ensuring that all of its tuna is certified by the Marine Stewardship Council as having been fished sustainably. Its efforts seem to be paying off. The company has been listed on the Dow Jones Sustainability Index since 2013.
The company is responding by expanding into new markets and products. It’s been pushing into China and introducing new flavors, including sun-dried tomato tuna in the U.S., rosemary and sea salt tuna in the U.K. and green curry tuna in Thailand. It’s also been expanding sales of shrimp and pet food. And it’s diversifying into dietary supplements: in October, Thai Union opened a $24 million refinery in Germany to turn tuna heads into heart-healthy omega-3 and DHA oils.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Thai Leader Poised to Win Premiership After Opposition Falls ShortOpposition parties failed to secure a majority in Thailand’s parliament, paving the way for Prime Minister Prayuth Chan-ocha to return as the country’s leader five years after he seized power in a military coup.
Read more »
Thai election results announced, with no clear majorityThailand's election commission announced the final results of the March 24 general election — the first since a military coup — that gave no party an absolute majority.
Read more »
Newly crowned Thai king grants titles on 2nd day of ritualsBANGKOK (AP) — Thailand's newly crowned King Maha Vajiralongkorn on Sunday performed the second day of coronation activities, granting new titles to members of the royal family in front of an...
Read more »
Dressed in gold, new Thai king has procession through Bangkok on second day of coronation ceremoniesThe four-mile route was lined with crowds clad in yellow, the color associated with the king.
Read more »
Thai king to greet subjects on final day of coronationThailand began the third and final day of coronation ceremonies for King Maha Va...
Read more »
'Very pleased and delighted': Thai king wraps up three-day coronation eventsThailand's King Maha Vajiralongkorn greeted thousands of his subjects from ...
Read more »
Thai Siam Cement acquires Indonesian paper firm Fajar for $665 millionThailand's largest industrial conglomerate Siam Cement Group Pcl (SCG) acqu...
Read more »
Three Thais accused of insulting king have disappeared: rights groupsThree Thai activists facing charges of insulting the monarchy have disappeared a...
Read more »
Anti-union gaming poster goes viral, is Delta really doing this?A photo of a poster that discourages Delta employees to join the union has gone viral for its argument that union fees would be better spent on video games.
Read more »
![The State Of Global Trade Union Membership [Infographic]](https://i.headtopics.com/images/2019/5/11/forbes/the-state-of-global-trade-union-membership-1126973943410319365.webp?w=640)
The State Of Global Trade Union Membership [Infographic]Even though trade union membership has declined significantly in many countries in recent years, it still has some international strongholds.
Read more »