Elixir Global Manufacturing Food Ltd acquires P&G’s Ibadan healthcare plant

Elixir Global Manufacturing Food Ltd, a Nigerian entity operating under the Chanrai Summit Group umbrella and a sister company of Fareast Mercantile Co Ltd, has made a 100% acquisition of the Procter & Gamble’s Ibadan healthcare plant.

The plant covered by this transaction produces medicated throat drops well known and accepted in the Nigerian market under the brands Vicks Blue and Vicks Lemon Plus.

Sivaswami Raghavan, a director at Elixir Global Manufacturing Food Ltd, explained that his company has, together with this acquisition, also obtained the rights to manufacture and sell these brands within Nigeria and the Sub-Saharan Africa markets, with the exception of South Africa, through a Brand Licensing Agreement, valid up to 20 years.

Additionally, the agreement also confers on the company “the rights to have these products and its variants manufactured in other third party manufacturing locations both within and outside Africa to meet with the specific requirements of the large market that it intends covering over the brand licensing period,” Raghavan said.

The purchase of the Ibadan plant, combined with the Brand Licensing Agreement, gives Elixir Global a readymade market to begin with and also provides the ability to launch both Vicks brands and other completely new brands in the large Sub-Saharan African marketplace, including Nigeria.

Courtesy: thenationonlineng.net