The Nigeiran Food Business can’t get anymore competitive can it….
Japan’s Sanyo Foods has joined forces with Olam International to manufacture and distribute instant noodles in Nigeria, an announcement from the two companies said on Thursday.
The US$20m deal will see Sanyo Foods acquire a 25.5% stake in Olam’s instant noodles business in Nigeria. The two companies will set up a joint venture that will manufacture and distribute instant noodles in Nigeria and across sub-Saharan Africa.
Olam’s instant noodles business, under the Cherie brand, was part of Crown Flour Mills’ wheat milling business, which the company acquired in 2010. Olam says it is now among the top four players in instant noodles in Nigeria with a turnover of $24m in 2012.
In case you didn’t know, Olam is one of the highest non-oil exporters in Nigeria and is a company that employs about 1,380 Nigerians based in 45 locations.Olam is a Singapore based company present in about 65 countries.
