kyo-Nippon Suisan Kaisha (Nissui) on Monday announced it agreed to sell all its stocks in frozen seafood producer Leuchtturm Beteiligungs- und Holding Germany AG (Leuchtturm) to a consortium of investors led by Pacific Andes International Holdings.Leuchtturm products are processed at a factory of its subsidiary, The Seafood Traders, in northern Germany and sells mainly to the German market.
Nissui, with its partner, Beacon Holding, made joint investments in Leuchtturm in January 2012. However, in addition to losses related to the launches of the production line at The Seafood traders, the company has faced a worsening business environment — resulting from market competition and other factors — and has continued to incur unexpected losses.
As a result Nissui decided to sell all its stocks in the company, including the ones held by Beacon.
The sale is still subject to approval by the German competition authority.
