Olam inks JV with Sanyo Foods in Nigeria

Sanyo invests US$20m in Olam's instant noodles business.

In a release, Olam International Limited and Sanyo Foods Co. Ltd of Japan announced that they have agreed to set up a joint venture company in Nigeria to manufacture and distribute instant noodles in Nigeria and across sub-Saharan Africa.

Sanyo Foods will invest US$20 million in cash, for a 25.5% equity interest through issue of new shares by the JV that will house Olam’s instant noodles assets and business in Nigeria. Olam will hold the balance majority ownership of 74.5% in the JV with management control. The consideration has been arrived between both parties on a willing-buyer willing-seller basis. The transaction is subject to customary closing conditions.

Founded in 1953, Sanyo Foods is a global leader and Japan’s third largest player in the instant noodles business. It has established a leadership presence in China, Vietnam, Russia and North America through strategic partnerships.

In the past, Sanyo Foods has also acquired equity stakes in Tingyi Holdings in 1999 and King Lion of Russia in 2011 to catalyse the growth of these companies in their respective home markets. Tingyi Holdings is currently the market leader in China with 24 production facilities across the country.

The JV will draw on the strengths of both partners with Olam’s expanding marketing and distribution network across Nigeria and its pan-Africa presence as well as Sanyo Foods’ worldclass and innovative technology in the development and manufacturing of instant noodle
products, and new market development experience.

Also Read

Olam Agri will not extend Namoi Cotton takeover offer

China Shenshan Orchard names Ngo Yit Sung as independent director

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit