A subsidiary of FMCG firm Godrej Consumer Products Ltd (GCPL) has acquired a majority stake in Kenya-based Canon Chemicals Ltd for an undisclosed sum. Canon Chemicals manufactures and distributes products in the personal and home categories. Its major brand is Valon, a petroleum jelly.
“In 2015, the annualised revenue of the business was Kenyan shilling 1,146 million (about Rs 76.06 crore). This acquisition helps GCPL to further build its presence in the Sub-Saharan Africa market,” GCPL said in a statement. “Canon has a strong track record of serving consumers in Kenya for over 40 years and we look forward to leveraging its strong brand equity and distribution infrastructure, for our business. This acquisition reflects our continued commitment to scaling up our presence in Africa,” GCPL managing director Vivek Gambhir said.