Kellogg company, makers of ready to eat Kellogg’s Corn Flakes has agreed to pay approximately $450 million for a 50 percent stake in Lagos, Nigeria-based Multipro, a food sales and distribution company owned by Tolaram, with an option to buy a stake in Tolaram’s African unit.
This partnership will significantly increase Kellogg’s presence in the growing African market and advancing the company’s breakfast, snacks and emerging market strategies to drive future growth.
The world’s largest cereal maker will also get access to Multipro’s distribution network in Nigeria and Ghana, and potentially in the Dominican Republic of Congo, Ivory Coast, Cameroon and Ethiopia.
John Bryant CEO of Kellogg company said “Tolaram Africa has built a highly successful consumer products business and today, it is one of the largest food companies in Nigeria”. Also, “Tolaram has a great track record of building beloved consumer brands, including the market leader Indomie noodles, and fueling their growth. This partnership is an excellent strategic fit for Kellogg” said Bryant.
