Red Lobster is getting a USD 575 million investment from a Thai seafood exporter linked by an Associated Press investigation to slave-peeled shrimp.
A joint statement by the companies yesterday says Thai Union Group wants to build a direct-to-consumers channel by investing in Orlando-based Red Lobster, which has more than 700 locations in the United States and Canada.
Golden Gate Capital, a private equity firm based in San Francisco, remains Red Lobster's majority owner.
Thai Union's president promised changes after the AP found the seafood company was shipping shrimp peeled by enslaved migrant workers to Red Lobster and many other buyers.
Thiraphong Chansiri said Thai Union would spend millions of dollars to end its reliance on contractors responsible for much of the labor abuse, and process all its shrimp in-house.
Disclaimer: No Business Standard Journalist was involved in creation of this content
