Godrej Consumer to buy 75% stake in Kenyan homecare products firm

February 4, 2016

GCPL’s Africa business has annualised revenue of about $200 million.

Godrej Consumer Products Ltd (GCPL) has agreed to acquire a 75 per cent stake in Kenya’s Canon Chemicals Ltd for an undisclosed amount, as the Indian consumer-goods company strives to expand its Africa business.

The acquisition of the home and personal care products maker is subject to approval from the Competition Commission of Kenya, GCPL in a statement. The deal is likely to be approved within four months of making the application, it added.

Canon had revenue of 1,146 million Kenyan shillings, or about Rs 76 crore ($11 million), for the year ended June 2015. This is up from 1,097 Kenyan shillings in the previous year, the statement said. GCPL’s Africa business has annualised revenue of about $200 million.

Canon makes products such as petroleum jelly, lotions, air fresheners, detergent and candles. A major part of its revenue comes from petroleum jelly. Established in 1974, Canon also exports its items to Tanzania, Uganda, Rwanda, Sudan and some other African countries … Please Read More At: