Corporate History
It was not until 1988 when TUF history of frozen seafood processing and export unfolded under Bt25-million initial funding. Later in 1992, we embarked on joint venture with Mitsubishi Corporation and Hagoromo Foods Corporation, both of which are our Japanese business alliances that have concurrently taken dual roles as our authorized product distributors as well as our valued customers. Their efforts have played critical roles in our product development in conformity with industry standards and therefore enabled us to compete in international marketplace. In 1994, we became a publicly traded company on the Stock Exchange of Thailand and ever since we have continually increased our investment capital. Today, our registered capital amounts to Bt885,090,950 at Bt1 par value, with paid-up capital of Bt883,170,950 or 883,170,950 shares.
Through the years since our inception, we have operated our business under efficient management structure coupled with expertise acquired through decades of hands-on industry experience and with visionary executive members. These factors in combination have yielded recognized success, solid financial status and continued growth.
Vision
We strive to be the โ€Chef of the Worldโ€ providing high quality and innovative cuisine that satisfies our stakeholdersโ€ ever evolving demands.
Mission
- A provider of healthy, delicious, convenient, safe, and environmentally sustainable food.
- Attuned to customersโ€ need, desires, and concerns with a responsibility to surprise, delight, and reassure; a pillar of trust for our customer.
- Trusted and admired as a fair and responsible partner by all of our stakeholders with a commitment to building long-term mutually successful relationships.
- Renowned as an employer of choice; investing in people and creating opportunities for careers to grow and talent to flourish; providing people with a better quality of life.
- A custodian of the environment and our Earthโ€s resources; pursuing environmentally responsible and sustainable business practices.
- Globally respected and admired for the strength of our brands and our business principles and practices; an ambassador and advocate for Thailand and the seafood industry in the world business community.
Development within 2009
1. An interim dividend of 0.92 baht per share was allocated for the net profit made during the first-half of the year ( January 1, 2009 - June 30, 2009), based on 883,170,950 shares of registered and paid-up capital. Total amount paid was 812,517,274 baht. The payment was made on August 31, 2009.
2. Executive management teams of Tri-Union Frozen Foods, Co., Ltd., the owner of โ€Chicken of the Sea Frozen Foodsโ€ brand, and Empress International, Co., Ltd., the owner of โ€Xcellentโ€ brand, were merged. The two companies are subsidiaries of TUF. The purpose of this merger was to create flexibility in management, to develop a clearer, more coherent business strategy, as well as to strengthen business base in the United States market in order to support future business plans.
3. Tri-Union Seafood, Co., Ltd., the owner of the โ€Chicken of the Seaโ€ brand, invested in a new factory in the state of Georgia in the United States. The new facility is now manufacturing canned tuna in place of the factory in American-Samoa. This investment will reduce production cost while enhancing the companyโ€s capacity to compete in the United States market. At the same time, the former factory in American Samoa will be used as a cold storage facility to store raw materials.
4. The joint venture between TUF and Avanti Feeds, Ltd. currently ranked as Indiaโ€s second largest shrimp feed manufacturer, established Avanti Thai Aqua Feeds Private, Ltd. in Gujarat, India, with 50 per cent of 55.44 million registered capital. The purpose of the joint venture was to build a shrimp feed manufacturing facility to support increased demand in the west of India after the Indian government began allowing shrimp farms to raise white shrimp.
5. The joint venture between Thai Union Manufacturing Co., Ltd., a subsidiary of TUF, and Nippon Suisan Kaisha Ltd. of Japan, established TN Fine Chemicals Co., Ltd. with the former investing in 48.97 percent of the total 90 million baht of registered capital. The key operation in the company is manufacturing and exporting seafood by-products, using advanced technologies. Initial products include high grade tuna oil and glucosamine โ€“ an extract from fish and crab shells. The high grade tuna oil can be used as an ingredient in baby formulas as it assists in the development of brain cells. Moreover, glucosamine can be used as an ingredient in medications for arthritis as it helps lubricate joints and relieve joint pain.
6. The joint venture between Thai Union Manufacturing Co., Ltd., a subsidiary of TUF, Century Canning Corporation Co., Ltd., and Frabelle Fishing Corporation, Ltd. established Moresby International Holdings which in turned set up Majestic Seafood Corporation in Papua New Guinea. Each partner invests in 33.33 percent of the total registered capital of USD 1,500,000. The purpose of the company is to manage tuna fishing business in Papua New Guinea waters and surrounding areas as well as sourcing raw materials needed for manufacturing. Papua New Guinea has an abundant supply of tuna resources, enabling the company to have greater access to raw materials. In addition, products manufactured and exported from Papua New Guinea to European countries are eligible for custom duty privileges.
7. The operations of Thai Marine Biotech Co., Ltd., a distributor of aquatic animal farming products such as micro-organism, water treatment products, and feed supplements were terminated. The company was an investment of Thai Union Feedmill Co., Ltd., a subsidiary of TUF, which held 51 per cent of registered capital worth 5 million baht.
