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On 12 June, Tokyo-based seafood company Kyokuyo announced its acquisition of a stake in Northseafood Holding, based in Urk, Netherlands, as part of its strategy to expand its overseas business. This move aligns with Kyokuyo's new medium-term business plan, "Gear Up Kyokuyo 2027," which emphasizes international growth.
Northseafood Holding, established in 1982, specializes in seafood fishing, processing, and sales, primarily focusing on whitefish products like fillets and value-added items. While Kyokuyo did not disclose the terms of the deal, the company highlighted the strategic importance of this acquisition.
“As we expand our overseas business, we are promoting the development of overseas production bases under the basic policy of ‘making overseas and selling overseas,’” Kyokuyo stated. “With this investment and making NSF a consolidated subsidiary, we will expand our food production bases in Europe and pursue economies of scale by expanding the handling of marine ingredients by having NSF process the marine ingredients we procure from around the world.”
Kyokuyo aims to leverage the combined sales networks of Kyokuyo, NSF, and Kocaman Fisheries Export, a Turkey-based company in which it acquired a majority stake in January 2024.
This acquisition is part of Kyokuyo's broader strategy to enhance its international presence. In April, the company launched a joint venture with Clear Ocean Seafood, based in British Columbia, Canada, to process and export scallops from Hokkaido, Japan. Additionally, Kyokuyo established Kyokuyo Vina Foods Co. in Vietnam in July 2022, focusing on primary seafood processing and the production of simmered and grilled fish. The company plans to establish a food manufacturing subsidiary in Vietnam by FY2024.
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