Nigeria: Kelloggs to invest $420 million in Tolaram Africa Foods
Friday, 04 May 2018 17:16
The US Company Kelloggs, the global leader in cereal breakfast, announced yesterday May 3 that it would inject $420 million into the Nigerian company Tolaram Africa Foods, its distribution partner in Africa.
The Nigerian company also produces noodles and operates a distribution channel allowing it to have access to several other countries such as Ghana, DR Congo, Côte d'Ivoire and Ethiopia.
This investment should enable Kelloggs to strengthen its presence in Africa and compensate for the drop in demand for cereals on the American market.
For the record, the Battle Creek-headquartered (Michigan) company achieved a turnover of $3.4 billion and a $444 million net income during the first three months of its 2018 financial year.
Kelloggs is the world second-largest supplier of biscuits, crackers, and salted snacks, and operates popular brands such as Corn Flakes, Keebler, Pop-Tarts, Special K, and Pringles.
Espoir Olodo
Live News
-
CEMAC Commission’s Unpaid Contributions Hit CFA263.5bn, With Cameroon Owing 23%
19:59
-
NSIA Repositions Its Brokerage Unit to Play Larger Role in African Financing
19:55
-
After Years of Silence, Cameroon Tries to Fix and Relaunch Its Farm Market Platform
19:50
-
Falling Cocoa and Oil Prices Add Pressure on Central Africa’s Export Earnings
19:27
-
After a Decade on the Ground, Camair-Co Returns to Saudi Route as It Tests a Broader Comeback
19:25
-
Liberia Prepares for Major Jump in Iron Ore Output as ArcelorMittal Scales Up
19:23
-
Facing Youth Job Pressures, Congo Launches Plan to Train 250,000 in Digital Skills
19:20
-
Glencore Chases Bigger Copper Output in Congo — but Sells Down Assets
19:17
-
Togo launches Assinyon digital marketplace to promote local products
17:05
-
Dakar Positions Itself as Gaming Hub Through Efest Africa Initiative
14:08
Absa Kenya hires M-PESA’s Sitoyo Lopokoiyit, signalling a shift from branch banking to a telecom-s...
Ziidi Trader enables NSE share trading via M-Pesa M-Pesa revenue rose 15.2% to 161.1 billio...
MTN Group has no official presence in the Democratic Republic of Congo, where the mobile market is d...
Ghana has 50,000 tonnes unsold cocoa at ports Cocoa prices fell from $13,000 to around ...
This week in Africa, Africa CDC is stepping up its drive for health sovereignty, building new partne...
Production could rise to 25–30 million tons this year, from about 10 million in 2025 Growth driven by ArcelorMittal’s $1.8bn expansion and new...
First group of 500 trainees begins “train-the-trainer” program in Kinshasa 200 top performers will be selected to train others nationwide Five-year...
Agreement with Gécamines could extend KCC mine life into the 2040s Copper output target raised toward about 300,000 tons a year Move comes as Glencore...
Five local banks to mobilize CFA41.2bn ($74.4m) for Grand-Zambi mine Funding to be refinanced through BEAC’s “Window B” for productive...
“Dao” ranks among the three films in official competition at the 76th Berlinale and marks Alain Gomis’ second bid for the Golden Bear. The film...
Fort Jesus is a fortress located in Mombasa, on Kenya’s coastline, at the entrance to the natural harbor that long made the city a hub of trade in the...