Colgate-Palmolive Buys Stake in Tolaram Nigeria Unit
Colgate-Palmolive Co. acquired a majority stake in Hypo Hygiene Products Ltd., a Nigerian unit of Tolaram 2000 Ltd., according to the Singapore-based company.
Tolaram sold the 51% stake in Hypo, which makes home-care products, to enable it focus on its core food business while it helps Colgate expand its brands in Africa’s most populous nation, Pawan Sharma, the chief executive officer of Tolaram’s consumer business, said in an interview in Lagos, Nigeria’s commercial hub.
The business will be housed in a new company, Colgate Tolaram Nigeria Ltd., owned 49% by Tolaram and 51% by Colgate-Palmolive, which will produce oral, personal and home-care products, Sharma said. He didn’t disclose the terms of the deal. Source: Bloomberg