Wednesday, April 19
Dangote has sold off his Noodles Company to Indomie
Dangote Flour Mills has left the noodles business after they sold their assets to Dufil Prima Foods, makers of Indomie noodles, saying it no longer consider it as strategic.
In an announcement on Tuesday, by the company, they said in order to smoothen the transition, it had offered Dufil the use of some of its facilities on an interim basis.
The noodles business was part of the DFM, which the Dangote Group recently reacquired from Tiger Brands.
The Group Managing Director, Dangote Flour Mills, Thabo Mabo, said the divestment was part of strategies of focusing on core areas of flour and pasta production, where the company has substantial market share.
He said that with the divestment, Dangote Flour would now focus on its strengths in flour and pasta and become more profitable by improving in areas of quality, distribution and marketing.
The transaction, which became effective last Monday, according to him, is a win-win situation for Dangote Flour Mills, Dufil Prima Foods and workers of Dangote Noodles, as Dangote Flour stands to have more market presence through robust marketing.
Mabo described the sale and transfer of assets as one of the most perfect divestments, with Dufil Prima Foods taking possession and kicking off production immediately.
Under the terms of the sales agreement, Dufil Prima Foods, according to him, will continue to produce and sell noodles under the brand name, ‘Dangote Noodles’ for two years before changing the brand name.
The Chief Executive Officer, Dufil Prima Foods, Deepak Singhal, confirmed the deal and described the acquisition of Dangote Noodles as strategic as Dufil continued to seek more dominance of the noodles market.
Acquiring Dangote Noodles, he said, would help Dufil deepen and sustain its market share as well as gain a strategic advantage in terms of several range of noodles products on its stable.
He restated that Dufil was not shutting down the noodles production line but was commencing production with the brand name of Dangote Noodles immediately.
To ensure seamless transition and commencement of production, Singhal stated that most of the former staff members of Dangote Noodles would be employed by Dufil Prima Foods.
With the new development, some former employees of Dangote noodles would transit to Dufil Prima Foods, while the rest redundant workers had been adequately compensated with mouth-watering severance package for their services to the company over the years.
Singhal added that the terms of the severance package were agreed with the relevant trade unions and the affected workers were paid off immediately to enable those retained by the new owners to start on a fresh contract, while those who would not be retained would not have to wait for their benefits.
A ‘suya’ meat seller in Enugu State was weekend nabbed while reportedly stealing meat from a butcher’s shed at the popular Ogbete main mar...
Father Chibuike Okpala Fears has been spread in the streets of kubwa village in Abuja, as a priest was found half dead in the early morn...
A very gigantic snake that was suspected to have eaten a calf, has been killed by some locals. The locals were amazed to find out that t...
24 year-old Anastasia Deeva appointed as Deputy Minister on European integration of Internal Affairs of Ukraine A newly appointed 24-...
This woman who was reportedly intoxicated with drugs and alcohol, have been captured on camera in the streets of New York, twerking n*ked ...
Nigerians Use Hilarious Tweets And Trending Hashtag, #SecSchoolInNigeria To FlashBack High School MemoriesMany Nigerian youths have created a very funny trending topic all-day with the hashtag #secschoolinnigeria #SecSchoolInNigeria helps Nig...
New Ports MD, Hadiza Bala Usman President Muhammadu Buhari has appointed Ms. Hadiza Bala Usman as the Managing Director of Nigerian Port...
30-Year-Old Minnesota Man Is Claiming To Be Prince’s Love Child From The Singer’s Fling With His Mum In The 1980sPrince Since Prince died at his Paisley Park home in Minneapolis a week ago, hundreds of calls have been received from people claiming t...
Premier League leaders Manchester City on Sunday announced the signing of Belgium playmaker Kevin De Bruyne from German side Wolfsburg on a...
Mr. and Mrs. Tolani Oladipupo, parents of the slain aircrafts woman in the Nigerian Air Force, Solape Oladipupo, who was killed by her co...