18 Aug 2008

Sale of American Samoa cannery approved by US Trade Commission

10:12 am on 18 August 2008

An official from the Del Monte Food Company has confirmed that the U.S. Federal Trade Commission has approved the sale of the company's StarKist Seafood division to South Korean based Dongwon Group.

It was first reported last week that the Commission had approved the 363 million dollar sale.

Del Monte had previously announced that the proceeds of the sale of StarKist, which includes StarKist Samoa in American Samoa, will be used to repay debt.

The Dongwon Group plans to set up a company in the United States to manage StarKist.

It also plans to expand into the South American and European canned tuna markets.