Coca-Cola Acquires Stake in Nigeria Dairy, Juice Company
January 30 2016 - 9:14AM
Dow Jones News
By Dick Streuly
Coca-Cola Co. on Saturday said it has agreed to acquire a
minority stake in Nigeria dairy, snack and juice company Chi Ltd.,
as the beverage giant seeks to expand its African portfolio.
Coke said it has bought an initial 40% stake in Chi, which is
own by TGI Group, and intends to increase ownership to 100% within
three years. The companies also plan to jointly explore other
opportunities in the region.
The companies didn't disclose the financial terms of the
deal.
"We are extremely optimistic about Africa's continued economic
and social growth and recognize the importance of ensuring we stay
one step ahead of evolving consumer tastes by broadening our
portfolio and introducing new products," said Kelvin Balogun,
president of Coca-Cola Central, East and West Africa, in a news
release.
Coke announced in 2014 that it would increase investment in
Africa to $17 billion from 2010 to 2020, according to the
release.
(END) Dow Jones Newswires
January 30, 2016 08:59 ET (13:59 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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