Nigerian Breweries, Nigeria’s leading beermaker and subsidiary of global brewing giant Heineken, has announced plans to temporarily pause operations at two of its nine breweries and optimise production capacity at the other seven breweries, as part of a Business Recovery Plan.
In a statement, the firm said the move, which also includes a Rights Issue, was essential to improve its operational efficiency and financial stability and enable a return of the business to profitability, in the face of “the persistently challenging business environment”.
Commenting on the decision, Nigerian Breweries managing director / CEO Hans Essaadi described the business recovery plan as strategic and vital for business continuity: “The tough business landscape characterised by double-digit inflation rates, naira devaluation, FX challenges and diminished consumer spend has taken its toll on many businesses, including ours”.
“This is why we have taken the decision to further consolidate our business operations for efficient cost management and optimal use of our resources for future sustainable growth”, he added.
Source: Nigerian Breweries