Coca-Cola Completes Acquisition Of Nigerian Beverage Company Chi
The Coca-Cola Company has announced that it has completed the acquisition of Chi Ltd. in Nigeria.
The move indicates Coca-Cola’s optimism about the African market and highlights its commitment to long-term investment in the continent, it said.
In 2016, Coca-Cola acquired a 40% stake in Chi from its holding company, Tropical General Investments Group.
“Coca-Cola is continuing to evolve as a total beverage company, and Chi’s diverse range of beverages perfectly complements our existing portfolio, enabling us to accelerate expansion into new categories and grow our business in Africa,” said Peter Njonjo, president of the West Africa business unit of Coca-Cola.
Chi was founded in Lagos in Nigeria in 1980. It produces juice under the Chivita brand, and value-added dairy under the Hollandia label.
In West Africa, the brand is recognised for implementing innovation in beverage categories such as juices, value-added dairy, and iced tea.
Juices and value-added dairy rank among the fastest-growing beverage segments in Nigeria as well as the rest of the continent.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.