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
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