Flourmills Plc reported two strategic acquisitions during the year in furtherance of its long term business model. It acquired a controlling interest in Thai Farm International Limited, a leading cassava flour processing company, to secure its supply chain and ensure consistent supply of high quality cassava flour at affordable prices.
Flour Mills also gained controlling interest in ROM Oil Mills Limited, a medium sized edible oil processing company to broaden its product portfolio and strengthen Group supply chain.
According to the release, these business combinations, coupled with Flour Mills successful merger with two subsidiaries, Nigerian Bag Manufacturing Company Plc (Bagco) and Niger Mills Company Limited, offer a tremendous opportunity to improve internal efficiencies, realize group synergies, reduce overheads and enhance shareholder value.
Information from Businessday was used for this article.