On Jan. 31, Taiwan-based Fong Chun Formosa Fishery Company (FCF), one of several top three international tuna traders, purchased U.S. canned-tuna brand Bumble Bee Foods for $928 million.
Bumble Bee, a business that is 120-year-old holds a 22% share associated with the U.S.вЂ™s shelf-stable seafood market, declared bankruptcy later a year ago after pleading accountable to price-fixing alongside two other canned-tuna giants, StarKist and Chicken of this Sea.
FCF has supplied Bumble Bee with tuna when it comes to previous three years. The acquisition will notably improve the companyвЂ™s financial clout, and will also provide it a public face through the purchase of Bumble Bee services and products.
In a declaration following a purchase, FCF president Max Chou emphasized the firmsвЂ™ shared вЂњcommitment to sustainability and worldwide fisheries conservation.вЂќ But differing definitions of what constitutes sustainability within the tuna that is complex, in addition to issues over employeesвЂ™ rights on distant-water fishing vessels, suggest thereвЂ™s work to do in order to build self- confidence into the environmental and ethical pedigree of this cutely cartooned tuna cans on supermarket racks.
Just what does responsibility seem like?
International tuna supply chains may be hard to unravel: you can find вЂњa large amount of layers of complexityвЂќ to your industry, Chris Anderson, a fisheries economist at the University of Washington, told Mongabay. Tuna are extremely migratory, deep-ocean fish, вЂњso thereвЂ™s no one country that may come to be responsible for ensuring [their] sustainability, considering that the specific pets swim throughout big areas of the ocean, and come into the EEZ [exclusive economic area] of numerous nations, and fork out a lot of the time where in reality nobodyвЂ™s in charge,вЂќ he stated. вЂњSo that makes it hard regarding the regulatory part.