Flour Mills of Nigeria (FMN) officially relaunched the Honeywell brand in mid-December 2024, reaffirming its commitment to delivering high-quality products and strengthening its market presence.
The relaunch follows FMN’s 2022 acquisition of a 71.69% stake in Honeywell Flour Mills Plc (HFMP), which was previously owned by Honeywell Group.
Flour Mills also acquired an additional 5.06% minority shareholding in HFMP from First Bank of Nigeria Ltd., solidifying its majority ownership.
At the time of the acquisition, FMN highlighted that this strategic move would expand its market reach across Nigeria, increase its manufacturing capacity, and provide consumers with higher-quality products.
Speaking at the event in Lagos, Mr. Devlin Hainsworth, Managing Director (Food) at FMN, described the relaunch as a significant step in reshaping the Honeywell brand.
Category Manager (Noodle), Ayokunle Iyiola, stated that despite inflationary pressures, FMN has no plans to increase the prices of its noodle products.
Key insights from FMN Executives on the Honeywell relaunch
According to Mr. Devlin Hainsworth, Managing Director (Food) at Flour Mills of Nigeria (FMN), the company is focused on improving the quality of its products. “The Honeywell brand offers improved quality noodles and pasta, while the Honeywell semo or wheat provides enhanced quality and adjusted pack sizes,” he said.
- He added that the new packaging reflects Nigeria’s culture and the brand’s history, with upgraded products offering better nutritional value and taste.
- FMN’s Marketing Director, Ilyas Kazeem, noted that the relaunch is more than a packaging update. “Honeywell’s relaunch is more than just a visual upgrade; it is a movement,” he stated, pointing to initiatives like online contests, giveaways, and events aimed at connecting with consumers.
Despite inflationary pressures, Ayokunle Iyiola, Category Manager (Noodle), confirmed that FMN does not plan to increase the prices of its noodle products.
Stock market performance
Flour Mills of Nigeria (FMN) has been riding a strong buy trend throughout 2024, with significant gains intensifying in the latter part of the year.
- The company’s shares opened trading at N33.05 in January, with a market volume of 84,000 shares.
- After a dip in February, the stock rebounded, closing March above its opening price. A steady bullish trend followed from May to August, but the rally gained momentum in September, with the stock soaring over 38% during the month.
- November saw another surge, as the stock climbed 31%, bringing its year-to-date performance to an impressive 140% as of the market opening on 16th December 2024 at N81.80 per share.
The recent rebranding of its Honeywell portfolio is expected to boost shareholder confidence further, as the company continues to strengthen its market position and product offerings.
