NIGERIA: United Biscuits invests in local biscuit firm
United Biscuits said Nigeria offered "strong potential"
United Biscuits has continued its international expansion with a move to buy a stake in Nigerian snacks group A&P Foods.
The McVitie's owner, which last autumn bought a majority stake in a firm in Saudi Arabia, announced the unspecified shareholding in A&P today (12 February).
United Biscuits said it had had "a long standing presence in the country covering several decades". Its brands on sale in Nigeria, including McVitie's, have either been exported to the UK or manufactured under licence.
Jeff van der Eems, the CEO of United Biscuits' international arm, said: "The Nigerian market has strong potential for UB. It is Africa's most populous country and the biscuit market is projected to continue to grow at double digit rates."
The deal, van der Eems said, means markets outside the UK account for 20% of United Biscuits' sales.
A&P Foods is part of Hong Kong conglomerate Assudamal Group. The company, based in Lagos, Nigeria's capital, makes snacks and confectionery sold under the Haansbro brand.
CEO Sameer Vaswani said: "A combination of our regional knowledge and a global biscuit brand such as McVitie's puts the company in a position where it can grow strongly in the local market."
In November, United Biscuits announced its acquisition of a majority stake in Saudi firm Rana Confectionery Products.
United Biscuits (UK) Ltd will continue to generate sales through its heavy promotional activity, as well as the introduction of a series of new product developments. Given the size of the company’s sh...
Innovation and evolving consumer palates are driving what little growth there is. More unusual packaged bread types are preventing the category from becoming stale. More sophisticated bread types are ...
Health and convenience continue to provide the biscuit category with vitality. These two features have combined to play a large role in the success of products such as plain breakfast biscuits. This p...
Snack bars continued to grow in value terms in 2014, benefiting from growing consumer focus on convenience and health and wellness. As consumer lifestyles become increasingly busy, consumers seek quic...
- Why Mars rice plan not just crop-ticking exercise
- ConAgra Foods: what could happen next? - analysis
- Greencore's food-to-go focus paying dividends
- Interview: Ritter sees growth potential in US, EU
- How Danone aims to meet its 2020 objectives
- Pinnacle to buy Boulder Brands in $975m deal
- Aryzta regional CEO steps down
- Maple Leaf Foods to cut over 400 jobs
- Hovis plans cuts amid anxiety over UK bread demand
- "Serious" suitors lined up for Chicken of The Sea