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With the end result of a transaction that’s seen as one of many largest strategic mergers in company Nigeria, Honeywell Group is about to develop its funding portfolio following the approval for the acquisition of one in all its subsidiaries by Flour Mills of Nigeria.
Recall that the agency introduced that Flour Mills, a significant participant within the Nigerian shopper items business, might be buying a 71.69% stake in Honeywell Flour Mills at a complete enterprise worth of N80 billion. The deal, which has lately been authorized by the related regulatory our bodies, is now poised to create the most important shopper items firm.
What are they saying?
In accordance with the Managing Director of Honeywell Group, Mr. Obafemi Otudeko, who expressed his optimism on the impression the merger could have on each firms, the FMCG business, and the Nigerian economic system at massive, “We’re happy to have secured regulatory approvals for the transaction, which is able to create a enterprise that additional serves Nigerian shoppers. As we entrust Flour Mills of Nigeria with constructing on Honeywell Flour Mills’ sturdy legacy, we’ll work intently with them to make sure a seamless integration, setting the mixed firm up for a profitable future. We thank the NGX, FCCPC, and the SEC for his or her assist, and can proceed our shut collaboration with them throughout our numerous companies and investments to ship on the nationwide imaginative and prescient of constructing a resilient economic system via profitable enterprise.”
In the identical vein, Group Managing Director of FMN, Boye Olusanya, stated, “We’re delighted that approvals have been acquired and we’re all set to start execution of this landmark transaction that may positively impression Nigeria’s meals safety structure and total competitiveness.”
Why is that this vital right now?
- Each firms play a big function within the shopper items business and with this merger receiving approval, the mixed firm will naturally be an vital supply of meals on the continent and additional bolster the Nigerian authorities’s meals safety agenda.
- Following the kickoff of the African Continental Free Commerce Space (AfCFTA), the newly mixed firm will assist drive worldwide buying and selling actions in Nigeria, particularly rising our export worth within the meals manufacturing house.
- Equally, quite a lot of meals consumables presents shoppers with numerous choices to select from and locations the agency properly as a one-stop-shop for shopper delights, with mixed capabilities geared in direction of driving manufacturing price down and aggressive pricing.
On Honeywell Group’s future:
Honeywell Group, the funding firm behind the transaction, has a monitor file in working and investing in main Nigerian firms giving them an expansive understanding of the market, and what it takes to construct profitable and sustainable companies that create monetary and social worth hand-in-hand.
The corporate has a community of companions throughout key industries together with expertise, telecommunications, actual property, vitality, infrastructure, and monetary providers; in addition to in distinctive industrial capabilities. Through the years, the corporate has been recognized to establish and capitalise on engaging alternatives which has seen it being early traders in numerous industries. A first-rate instance is its early funding in telecommunications within the 2000s throughout the creation of GSM in Nigeria.
Obafemi Otudeko, whereas commending the regulators for closing out the processes said that the corporate was seeking to the long run
“Honeywell Group is poised to proceed refining and rising our funding portfolio. We’re strongly positioned to develop our actions in key progress sectors via strategic investments and partnerships. We stay dedicated to creating companies that depart an enduring impression and look ahead to sharing our future plans.”
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