Del Monte foods.
Del Monte Foods, the U.S.-based food group, has confirmed it has agreed to sell its seafood business to South Korea's Dongwon Enterprise Co. Dongwon has moved to buy a business that includes the StarKist brand but which has been struggling with mounting costs. The price of skipjack tuna is estimated to have jumped 70 percent in the last year and Del Monte said the sale - for $363 million - would help its margins. Dongwon will take on Del Monte's manufacturing assets in American Samoa and Ecuador. For a two-year period, Del Monte will give assistance to Dongwon in areas including warehousing, distribution and IT.