25 Jun 2008

American Samoa cannery sold to South Korean company

10:13 am on 25 June 2008

The South Korean food company Dongwon has confirmed it will buy the canned tuna company StarKist from the Del Monte Foods Company for about $300 million US dollars.

Del Monte acquired StarKist in 2002. It had been exploring a possible sale of the company.

A Dongwon spokesman said the acquisition price will slightly top $300 million.

The South Korean company is scheduled to hold a news conference on Thursday about the acquisition, he added, declining to give further details.

Dongwon Group is South Korea's best-known brand for processed fish, making up about 75 percent of South Korea's canned tuna market.