Olam acquires leading Nigerian candy and biscuit maker
14 February 2012 – Olam International, a leading global, integrated supply chain manager and processor of agricultural products and food ingredients has acquired a leading Nigerian biscuits and candy maker through the acquisition of 100% equity interest in Titanium Holding Company SA and its subsidiaries for a price consideration of $167 million (€126.8m).
Titanium Holding owns Nigeria’s second largest biscuits and candy franchise with a turnover of approximately $162m (€123m) in 2011. The company owns and manages three biscuit and candy factories with modern production lines fitted with raw materials management and packaging systems, and a logistics infrastructure, which includes a fleet of trucks and other warehousing and distribution assets in Nigeria. The company has over 1,700 employees, including a 60 strong management team in Nigeria, who will be part of Olam’s global employee strength post completion.
