India: Godrej acquires majority stake in Canon Chemicals
Godrej, one of India's leading home and personal care companies, has announced plans to expand into new African markets with the acquisition of a majority stake in Kenya-based Canon Chemicals.
Canon Chemicals manufactures and distributes products in the personal and home care categories. Its major brand is Valon, a petroleum jelly, although the company is also active in air fresheners, detergents and candles. In 2015, the annualised revenue of the business was 1,146 million KES ($11.26 million).
Godrej's Africa business currently has annualised revenues of $200 million, and the firm said the acquisition would help it further build its presence in the Sub Saharan Africa market.
Commenting on the acquisition, Godrej managing director Vivek Gambhir said: "We are delighted to add Canon Chemicals Limited to our home and personal care portfolio in Africa. Canon has a strong track record of serving consumers in Kenya for over 40 years and we look forward to leveraging its strong brand equity and distribution infrastructure, for our business. This acquisition reflects our continued commitment to scaling up our presence in Africa and providing African consumers with a wide range of superior quality products at affordable prices. We remain very excited by the tremendous potential of the African market and look forward to further building our business".
Source: Godrej (via World Press Online)