December 19, 2014 — Canned tuna, a one-time staple alternative to meat, has been losing popularity in recent decades.
But that will change, if the consolidation of San Diego-based Bumble Bee Seafoods and Chicken of the Sea does the trick.
Chicken of the Sea's corporate owner, Bangkok-based Thai Union Frozen Products, announced plans this week to purchase Bumble Bee for $1.51 billion. It's the second time Bumble Bee has been bought by a Thai company. The deal requires approval by the U.S. Justice Department or Federal Trade Commission with a decision expected in the second half of 2015.
In the meantime the two seafood lines will continue operating and marketing their products separately, said Bumble Bee President Chris Lischewski on Friday.
The two companies, along with Pittsburgh-based and Korean-owned StarKist, dominate the North American prepared-seafood business.
But unlike earlier days, the companies do not catch their own fish — they source it from all over the world and then can or package it here or in other countries.
Read the full story at the San Diego Union-Tribune