On May 15, 2020, Godrej East Africa Holdings Ltd, a subsidiary of FMCG (Fast-moving consumer goods) firm Godrej Consumer Products Ltd (GCPL), has acquired the balance 25% stake in Kenya-based Canon Chemicals Ltd for an undisclosed sum.
i.Following the deal, Canon Chemicals would now be a wholly-owned subsidiary of the company & will help GCPL in further building its presence in the Sub Saharan Africa market.
ii.Earlier on February 04, 2016,the Godrej group has acquired 75 % stake in Canon for an undisclosed sum.
iii.In the past few years, GCPL has been acquiring brands, specially in the African continent with the aim to expand its presence. Its revenue from Africa (including Strength of Nature) market was at Rs 484.03 crore in the last quarter, January-March 2020.
About Godrej Consumer Products Ltd (GCPL):
Headquarters– Mumbai, Maharashtra
Managing Director & CEO– Vivek Gambhir
About Canon Chemicals Ltd:
Headquarters– Nairobi, Kenya.
It manufactures & distributes products in the personal and home categories. Its major brand is Valon, a petroleum jelly.