 Dongwon Group Chairman |
Dongwon Group, a top-tier conglomerate in the food and the financial sectors, plans to invest $21 million into Senegal to buy a cannery.
The Seoul-based group signed an investment deal Friday with its Senegalese counterpart to take over SNCDS, one of the leading canneries in the African country.
Dongwon Group Chairman Kim Jae-chul participated in the signing event along with Senegal’s Minister of Maritime Economy Khouraichi Thiam, SNCDS Chief Executive Ousseynou Ndiaye and Presidential secretary Abdoulaye Kamara.
``Dongwon will set up a new subsidiary in Senegal, which will operate SNCDS. The move is designed to expand our presence in Africa,’’ a Dongwon spokesman said.
``Through the investment, Senegal will be able to create more than 2,000 jobs as well as learn the cutting-edge technology and operating knowhow of Dongwon.’’
SNCDS has an annual capacity of producing 25,000 tons of canned tuna and other fishery products.
Dongwon has the flagship subsidiaries of Dongwon Industries, the world’s top tuna fishing firm, and Dongwon F&B, a manufacturer of various processed food stuffs.
``SNCDS is the largest cannery in Africa. With this acquisition, we will tap into other African countries with potential as well as strengthen our presence in Europe,’’ the spokesman said.
``In addition, we plan to supply products from Senegal to the United States through StarKist, a company we absorbed a few years ago.’’
Dongwon gobbled up the StarKist division of Del Monte Foods for $359 million, to carve out around two fifths of the processed tuna market in the world’s largest economy.
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