Fishing company Sanford has reached agreement with a Korean fishing company to buy out smaller shareholders in a seafood processing plant in China, to form a 50-50 joint venture.
Weihai Dong Won Foods processes fish sourced from New Zealand and other countries into products which are then exported to other parts of Asia, Europe, Australia and New Zealand.
Sanford has progressively increased its holding in the plant from 25% to 40%, while its joint-venture partner will be increasing its stake from 42%.
The company believes the joint venture will allow it to further develop its processing capabilities.