Japanese seafood giant Kyokuyo Co. is acquiring a majority stake in a Danish seafood processor and distributor. This strategic move marks its latest effort to accelerate global portfolio expansion.
Kyokuyo stated that it has reached an agreement with Engelsviken Canning Norway. This deal includes acquiring shares in two critical subsidiaries: Engelsviken Canning Denmark and Engelsviken Norway. These companies specialize in seafood processing and sales.
As a result, Kyokuyo’s European subsidiary will acquire a 90% stake in Engelsviken Canning Norway. Notably, the financial details of the transaction remain undisclosed.
Engelsviken Canning Denmark focuses on product production and sales, while its subsidiary operates in the import/export of seafood. It also sells products from Engelsviken Canning Norway, as indicated in prior communications.
Last year, the Tokyo-listed seafood company expanded its reach by obtaining a majority interest in Northseafood Holland. This acquisition aligns with Kyokuyo’s strategy to establish a strong overseas processing presence.
Founded in 1867 in a Norwegian port town, Engelsviken Canning Norway has become a significant player in the seafood sector.
Kyokuyo explained that the rationale behind this purchase lies in the recognition of the Engelsviken brand. Its shrimp products are widely acknowledged in countries like Norway, Sweden, and Denmark, where the brand has established a strong foothold.
Furthermore, Kyokuyo is actively expanding its international operations. The company has recently integrated a Dutch entity and a Turkey-based exporter into its group of consolidated subsidiaries.
The acquisition will enhance Kyokuyo’s sales coverage in the Nordic region, as well as in western and southern European markets, primarily through its Dutch subsidiary, Kyokuyo Europe.
Looking ahead, Kyokuyo plans to leverage the sales networks of Engelsviken Canning Denmark and Engelsviken Norway. This strategy aims to boost sales of processed salmon, trout, and fried products from the Dutch and Turkish companies integrated as subsidiaries in 2024.
Through these initiatives, Kyokuyo will significantly enhance synergies within its European operations. Ultimately, this effort aims to further accelerate the global expansion of Kyokuyo as a leading fish company.