Thai Union Group (TU), the seafood processing giant from Thailand, announced on 6 October 2020 that has invested into a new joint venture called Food and Beverage United Company Limited. The joint venture with BevTech Company Limited is to engage in product development, production, and distribution of “nutritious food and beverage products under brand or trademark of Food and Beverage United Co. Ltd.” ThaiBev is the technology and engineer arm of BevTech Co., Ltd.
BevTech Company Limited holds a 51% stake in the new joint venture, while Thai Union subsidiary Thai Union Ingredients Company Limited holds the remaining 49%.
The formation of the new joint venture followed earlier announcement by Thai Union to invest in Alchemy Foodtech Pte. Ltd., a Singapore-based diabetes food tech innovation company and into the Singapore-based investment fund VisVires New Protein (VVNP). Thai Union is also investing into the US-based insect tech company Manna Foods and aquaculture technology company HydroNeo.
Traditional companies are reinventing themselves to focus on alternative protein and generally into the “future food” segment for sustainable food production. This would better enable companies to better respond to future growth drivers.