In the competitive realm of the seafood industry, strategic expansion and acquisitions are key maneuvers for companies aiming at global dominance. Kyokuyo, a venerated Japanese seafood company, is making significant strides in this direction. Recently, it announced a pivotal move to enhance its overseas business operations by acquiring a majority stake in Türkiye’s renowned seafood processor, Kocaman Fisheries Export and Import Trade.
Kyokuyo’s Bold Move into New Territories
On an auspicious Friday, January 26th, Kyokuyo unveiled a groundbreaking development in its business strategy. Through its European Subsidiary, Kyokuyo Europe, based in the Netherlands, it reached an agreement to acquire 51% of Kocaman’s shares. This venture, conducted for an undisclosed sum, comprises Kyokuyo Europe attaining new shares via third-party distribution along with purchasing shares from existing stakeholders. Scheduled for closure on January 29th, this transaction is poised for completion by the end of March.
Kyokuyo’s annual financial report boasts a robust revenue of 253 billion yen (approximately 1.7 billion US dollars), underscoring its formidable presence in the global seafood market. This strategic acquisition grants Kyokuyo a significant pathway into the lucrative markets of Europe and the Middle East, marking a monumental milestone in its international business expansion endeavors.
Kyokuyo’s Ambitious Global Footprint
In 2022, Kyokuyo established a seafood processing venture in Vietnam, signaling its intention to broaden its operational horizon. Following up on this Asian market venture, in 2023, the company embarked on a fish mince and crab stick business initiative in Washington State, USA. These moves are reflective of Kyokuyo’s ambition to fortify its global presence in the seafood industry and cater to a broader consumer base with its high-quality seafood products.
Spotlight on Kocaman Fisheries Export and Import Trade
Founded in 1922, Kocaman has carved a niche in Türkiye’s domestic market with its salmon and shrimp processing prowess. The company’s website boasts an impressive array of seafood offerings, including domestically sourced gourd fish, anchovies, mackerel, octopus, bluefin tuna, snails, and even frog legs. Beyond its domestic accolades, Kocaman has successfully penetrated various international markets, including the European Union, the United States, Russia, China, and Japan. The financial year 2022 saw the company amassing a revenue of 14 million euros (15.2 million US dollars) alongside an operating profit of 2.5 million euros.
A Strategic Partnership for the Future
Kyokuyo’s acquisition of Kocaman aims to bolster profitability in Europe, underscoring the Japanese seafood titan’s strategic foresight in tapping into new markets. It’s noteworthy that Osman Kokaman, the incumbent president of Kokaman, will continue his stewardship post-acquisition. This exemplifies Kyokuyo’s collaborative approach, intending to meld Kocaman’s local expertise with its global strategic vision. Kyokuyo also plans to dispatch two executives to foster a symbiotic partnership with Kocaman, aiming to steer the company towards new heights of success.
In conclusion, Kyokuyo’s acquisition of Kocaman Fisheries Export and Import Trade is not merely a business transaction; it is a testament to the Japanese seafood company’s commitment to expanding its global footprint. By entering the European and Middle Eastern markets, Kyokuyo is set to redefine the global seafood industry dynamics, promising an exciting future filled with high-quality seafood offerings for its burgeoning consumer base worldwide.
