Thai Union’s subsidiary i-Tail Corporation Public Company Limited has established i-Tail Americas, Inc. to take care of its pet food business in the United States, Thai Union said in a statement on January 4.
i-Tail Corporation will take full ownership of i-Tail Americas, Inc., which will have a share capital of $ 5 million (4.4 million euros). The new company will buy shares of US Pet Nutrition, a US pet food distributor owned by Thai Union North America Inc.
Following the launch of i-Tail Corporation in 2021, the latest restructuring transaction in the U.S. market is expected to further strengthen Thai Union’s pet food business and support its growth in the industry, the company said.
âThai Union’s PetCare business has seen strong annual growth over the past few years, especially during the pandemic when people adopted more pets and spent more money caring for them and feed them. The creation of i-Tail Americas will give us greater flexibility in the management of our business, as the domestic and global markets are growing rapidly, âsaid Roy Chan, CEO of i-Tail Corporation. âAt i-Tail, we are committed to providing healthy lifestyles for all pets, and our Thai Union’s global innovation center has led the way in global pet innovation and product development. “
Thai Union said in November last year that its third-quarter PetCare and value-added sales jumped 11.4% from the same period in 2020, mainly on strong demand for animal feed from company in the market and its new products.
However, the company’s gross margin on PetCare products and value-added activities from July to September fell to 23.6% from 26.2% a year earlier due to the temporary closure of a factory in September. Thailand due to coronavirus infections and rising costs of transporting pet food. some products.
Photo courtesy of i-Tail Corporation / Thai Union