FAR OCEAN BUYS TRI MARINE'S SWORDFISH AND TUNA STEAK BUSINESS
Major Consolidation of Singapore Swordfish Market
FOR IMMEDIATE RELEASE: February 25, 2003
SINGAPORE— TriMarine International (Pte) Ltd. has agreed to sell its frozen swordfish and tuna steak business to Far Ocean Sea Products Pte Ltd.
"My business has been growing and I needed to expand my plant. I saw the opportunity to combine my steaking businesses with TriMarine's and achieve very significant synergistic savings while improving quality control and customer service", stated Henry Quek, managing director of Far Ocean.
TriMarine has operated a private wharf and fish processing facility in Singapore since 1972.
"Our business has changed over the years. The business of processing and marketing swordfish and tuna steaks now represents only about 6% of our turnover. We are much more focused on supplying tuna to canneries and tuna products to the major tuna brands around the world. We are happy for Henry. He is now the no. 1 player in the frozen tuna and swordfish steak market", said Joe Hamby, managing director of TriMarine International (Pte) Ltd.
Under the terms of the agreement Far Ocean will acquire the Singapore production facilities currently operated by TriMarine's subsidiary company Tri-Oceanic (Pte) Ltd. Terms of the deal were not disclosed.
Clifford Chen, Managing Director of triOceanic said, "This is good news for the market. All parties will benefit from the efficiencies realized by consolidating Tri-Oceanic's and Far Ocean's procurement, processing and marketing activities."
According to Mr. Chen, customers should see more stability in pricing and increased reliability in production and shipping schedules. He added that there will be savings by rationalizing the production at the two plants.
Tri-Oceanic will continue to provide ship agency services in Singapore as well as provide any procurement, marketing and sales support services needed by Far Ocean to facilitate a smooth transfer of the business.
TriMarine will maintain its commercial offices in Singapore and use the proceeds of the sale to grow its tuna supply business. "By spinning off our swordfish business, TriMarine will be able to deploy more resources to support continuing growth in business segments that are more strategic to us. One such area is the business of supplying tuna to the major brands. By reallocating management and capital, TriMarine becomes a more capable and valuable tuna supply chain partner," said Hamby.
Background on Tri Marine
TriMarine is the premier independent strategic supplier of tuna to the global tuna industry. Its business interests include fishing, trading, processing and marketing primarily of tuna and tuna products. TriMarine was formed in Singapore in 1972. Since then the company has grown to be one of the largest tuna supply companies in the world. TriMarine is privately owned.
Background on Far Ocean
Far Ocean was formed in Singapore in 1971. It is privately owned. From its beginnings as a small family business, Far Ocean has become one of the top seafood processing and trading companies in Southeast Asia. Far Ocean's activities include wholesale, import, export and trading of Norwegian, Japanese and trawler fish products, processing and marketing of a variety of the long line fishes.