Flour Mills of Nigeria (FMN) and Honeywell Group Limited (HGL) have announced an agreement to which flour mills will acquire Honeywell Flour Mills PLC (HFMP), for ₦80 billion.
According to the press release, Honeywell Group Limited has agreed to sell a 71.69% stake in Honeywell Flour Mills to Flourmills of Nigeria.
It stated:
“For the proposed combination of FMN through its affiliates and Honeywell Flour Mills Plc (“HFMP”), a portfolio company of HGL. At a total enterprise value of NGN80 billion, HGL will dispose of a 71.69% stake in HFMP to FMN.”
“The proposed transaction will combine two businesses with shared goals and create a more resilient national champion in the Nigerian foods industry, ensuring long-term job creation and preservation.”
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The group operates 17 modern and best-in-class manufacturing facilities across 12 states with production capabilities across grain milling, edible oil and sugar refining, agro-inputs and animal nutrition and proteins.
FMN’s logistics and distribution, packaging and port operation are also among Nigeria’s best in class.
The press release also mentioned that the transaction will create a stronger company in the food industry.
It stated:
“The proposed transaction will combine two businesses with shared goals and create a more resilient national champion in the Nigerian foods industry, ensuring long-term job creation and preservation.”
