Connors Bros. Ltd, (“Connorsâ€) a subsidiary of Connors Bros. Income Fund recently finalized funding of its 10% investment in Thai tuna processor, Sea Value Company Ltd., completing the agreement previously announced in May 2006.
Related to this transaction, Bumble Bee has entered into a supply agreement with Sea Value to acquire canned tuna and frozen tuna loins. The two companies will also collaborate in developing process technology and new product opportunities to support their respective growth objectives.
â€We are excited to complete this investment in Sea Value and leverage this relationship to solidify our position as one of the largest buyers of canned and frozen tuna products from Thailand and strengthen our position as the low-cost provider of shelf-stable tuna products to North Americaâ€, commented Chris Lischewski, President and Chief Executive Officer.