Japanese seafood titan, Nissui Group, recently appointed Teru Tanaka as its new president and CEO.
Tanaka will officially take over the leadership role in May. With a longstanding career at Nissui since 1988, he has most recently served as the director and executive officer of the Marine Products division.
He replaces Shingo Hamada, who transitions to the role of chairman of the board of directors at Nissui.
In a forward-looking statement, Nissui stated that the company is “strengthening” its management structure and executing “organisational rejuvenation” to enable the “swift implementation” of its new “mid-term business plan”, set to commence in the upcoming financial year.
“By enhancing collaboration across business divisions and within the group, we aim to drive sustainable growth and increase corporate value,” the company added in its announcement.
For the nine months ending December 31, 2024, Nissui Group reported a 6.1% increase in net sales, reaching Y663.34bn ($4.4bn). This growth was driven primarily by a strong performance in the food products business, alongside favorable exchange rates.
However, operating profit saw a decline of 5.7% to Y24.8bn, influenced by decreasing profits within the Marine Products division.
Profit attributable to the owners of the parent company fell by 3.5% to Y19.58bn.
Nissui is scheduled to release its financial results for fiscal year 2024 on May 14.
The company forecasts a 5.8% year-on-year increase in net sales, alongside a projected operating profit rise of 9.6%. Additionally, it anticipates that profit attributable to the owners of the parent will increase by 0.6%.
In October, the group acquired a plant in France to enhance its production of tapas-style products, responding to growing consumer demand.
Nissui plans to utilize this facility, purchased through its local subsidiary Miti, located in Saint-Hernin, Brittany, for manufacturing small-dish seafood offerings.
In February 2024, Nissui outlined plans to invest in expanding production capacity at two of its subsidiaries in the U.S. and EU.
The group will allocate a total of Y17m ($113,122) for investments in Gorton’s Co., based in Massachusetts, and Cité Marine in Kervignac, France, according to a formal statement.
