Seafood heavyweight Thai Union to spin off and IPO $630 million pet food division

Seafood heavyweight Thai Union will spin off its pet food division and list the group on the Bangkok stock exchange.

The division, PetCare, was a key contributor to Thai Union's results in 2021. Sales for the segment reached THB 23.7 billion ($630 million/€640 million), around 17 percent of the company's overall sales.

Sales of the division rose 17.9 percent from the year prior, with gross margins of 26.3 percent.

The company plans on listing on the Bangkok stock exchange in 2022.