San Francisco-based Del Monte Foods has formally announced the sale of its Starkist Seafoods to South Korea's Dongwon Group for 363 million US dollars.
Starkist operations include a major cannery in American Samoa.
The Del Monte chairman and CEO, Rick Wolford, says the divestiture of the business is a significant step in realigning the company portfolio toward higher margin, higher growth businesses.
He says Starkist, because of its heavy dependence on a single input cost in a low growth industry, was no longer an ideal fit for Del Monte.
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