Japan-based fishing and processing company Kyokuyo has acquired a majority stake in Turkey’s Kocaman Fisheries Export and Import Trade.
Financial details were not disclosed.
Kyokuyo stated that the deal involves obtaining shares from existing shareholders, resulting in Kocaman becoming a subsidiary of the company.
Established in 1981, Kocaman manufactures fresh and frozen marine products including carp, trout and mussels. In 2022, the company had a turnover of €13.9m ($15m) with an operating profit of €2.5m. Both figures were down from the business’ 2021 results when it generated €16.5m and €3.9m in operating profit.
Kyokuyo listed “expansion of overseas business” as an important strategy and is “developing overseas bases with the basic policy of producing overseas and selling overseas”.
It added: “As part of these efforts, in 2022 we established a subsidiary in Vietnam as a food production and sales company for South-east Asia, and in 2023 we established a company in North America to manufacture and sell crab-flavoured kamaboko for the US.
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“We have been producing food for more than 40 years in Turkey, which is adjacent to Europe, and we are pleased to announce that we have been producing seafood such as shrimp and salmon. We have decided to strengthen our food production and sales business for Europe by making this company, which exports frozen foods made from frozen foods to Europe, a subsidiary of ours.”
Kyokuyo was founded in 1937 as a fishing company focused on several kinds of capture fisheries. It also trades, processes and distributes fish from all over the world to retail and foodservice customers.
