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South Korean food giant Dongwon Group has confirmed that it will buy the seafood division of Del Monte Foods, which includes Starkist Seafood, for $363 million.
Rick Wolford, chairman and chief executive of Del Monte, said "This divestiture will immediately help improve our margin structure, eliminate a source of earnings volatility and reduce our debt leverage." He said "Importantly, this step is also consistent with our recently announced sharpened strategy targeted to accelerate growth by investing in faster growing, value-added, higher margin branded businesses, supported by our recent marketing-centric organizational realignment.” Wolford also said that "Given the unique dynamics of [Del Monte’s] seafood business, including its heavy dependence on a single input cost and participation in a comparatively lower growth category, StarKist was no longer an ideal fit for Del Monte, given [the company’s] sharpened strategic focus going forward." "That said, StarKist is clearly an extraordinary business with very strong brand recognition and a loyal consumer base which makes it an attractive asset for Dongwon.”
Dongwon Enterprise vice chairman Ingu Park said StarKist is “highly complementary to their existing portfolio and their long history of operating in the seafood business." Park said they “look forward to leveraging the skills and knowledge of the talented StarKist team and building upon the great business they have created."
According to Del Monte, its seafood business generates about $560 million in annual sales.
On top of the sale, Del Monte said they have also agreed to provide Dongwon with operational services such as warehousing, distribution, transportation, sales, and administration for two years.
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