Nairametrics| Procter and Gamble has sold its Ibadan Healthcare Plant to Elixir Global Manufacturing Food Limited, a Nigerian entity operating under the Chanrai Summit Group, and a sister company of Fareast Mercantile Co Ltd. Elixir Global also confirmed the deal saying that it had made a 100 % acquisition of the plant.
Along with the plant itself, a Director at Elixir Global, Sivaswami Raghavan, said that company has also obtained the right to manufacture and sell these brands within Nigeria and the Sub-Sahara African markets, through a Brand Licensing Agreement, BLA, valid up to 20 years. The only exception was South Africa.
“The deal also has the rights to have these products and its variants manufactured in other third party manufacturing locations both within and outside Africa to meet with the specific requirements of the large market that it intends covering over the brand licensing period,” Raghavan said.
The Ibadan plant produces medicated throat drops well known and accepted in the Nigerian market under the brands Vicks Blue and Vicks Lemon Plus.
Khululiwe Mabaso, Head Corporate Communications/Associate Director, Procter & Gamble, Sub-Saharan Africa said: “P&G is delighted to partner with a local Nigerian party to continue building the Vicks brand not only in Nigeria but across many other parts of Africa.”