Japan-based seafood giant Maruha Nichiro has acquired Vietnam-based food manufacturer Sai Gon Food.
Tokyo-listed Maruha Nichiro said the purchase of Ho Chi Minh City-based Sai Gon Food will secure a new marine product processing base and provide a platform for the development, manufacturing and sales of processed foods in the region.
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Sai Gon Food was established in 2003 and has developed through the production and export of processed seafood products to Japan.
As far as its domestic market is concerned, Sai Gon Food has a range of products, including frozen lines, which it markets under the SG Food brand. Its non-seafood products include porridge and hot pots. In recent years it has also started selling baby food. The company has four manufacturing sites and employs 2,000 staff.
In a statement, Maruha Nichiro said: “In the midst of changes in the food supply chain around the world due to Covid-19, Sai Gon Food has the ability to develop products that are simple, safe, and easy to store, as well as the ability to sell them to the consumer market.
"The company considers Sai Gon Food to be the best partner to secure our position to become a general food company that produces and sells marine products and processed foods globally under the Maruha Nichiro brand."
The financial details of the transaction have not been disclosed.
In November, Maruha Nichiro announced a deal to sell its US-based Peter Pan Seafoods (PPSF) business to specialist investor Rodger May and private-equity firm McKinley Capital Management.
