<article><a style="color: #000080;" href="http://www.godrejcp.com/">Godrej Consumer Products Ltd</a> has signed an agreement to acquire 75 per cent stake Kenyan home products manufacturer <a style="color: #000080;" href="http://www.canonchem.co.ke/">Canon Chemicals Ltd</a>.</article>

<a style="color: #000080;" href="http://www.godrejcp.com/">Godrej Consumer Products Ltd</a> has signed an agreement to acquire 75 per cent stake Kenyan home products manufacturer <a style="color: #000080;" href="http://www.canonchem.co.ke/">Canon Chemicals Ltd</a>.
While the amount of the all-cash deal was not disclosed, the Canon Chemicals reported an annualised revenue of Ksh 1,146 million (around $11 million), the Indian company said in a filing to the stock exchanges.
The acquisition will help Godrej Consumer to strengthen its presence in the sub-Saharan Africa market. Canon Chemicals manufactures and distributes products in the home and personal care categories including petroleum jelly, air fresheners, detergents and candles. The company&#8217;s best selling product is its petroleum jelly brand major brand is Valon, which contributes to a chunk of the revenue.
In 2010, Canon Chemicals took over the operations of United Chemical Industries, which had been in existence since 1974. The company now also exports of other African nations including Tanzania, Uganda and Rwanda.
“This acquisition reflects our continued commitment to scaling up our presence in Africa and providing African consumers with a wide range of superior quality products at affordable prices. We remain very excited by the tremendous potential of the African market and look forward to further building our business,” said Vivek Gambhir, Managing Director, Godrej Consumer.
The Mumbai-based company’s Africa business currently has annualised revenues of $200 million.
Last year, Godrej Consumer had acquired the remaining 40 per cent stake, which it didn’t already own, in Chilean hair colour cosmetics company <a style="color: #000080;" href="http://www.cosmeticanacional.cl/">Cosmetica Nacional</a> for an undisclosed amount.
It also signed an agreement to acquire the hair extension business South Africa-based <a style="color: #000080;" href="http://www.frika.co.za/">Frika Hair (Pty) Ltd</a>, and another one with the African hair care company Darling Group Holdings to hike its stake in its two companies in South Africa and Mozambique to 90 per cent.
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Godrej Consumer Products Ltd has signed an agreement to acquire 75 per cent stake Kenyan home products manufacturer Canon Chemicals Ltd.

India: Godrej Consumer to buy 75% in Kenyan home products company

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India: Godrej Consumer to buy 75% in Kenyan home products company

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