Food Security: Flour Mills acquires 71.69 per cent stake in Honeywell Group

Leading  conglomerate  in the confectionery  sector of Nigerian economy, Flour Mills of Nigeria (FMN) has signed an agreement to acquire 71.69 per cent stake in Honeywell Group’s portfolio company, Honeywell Flour Mills Plc (HFMP).

The  deal is worth N80 billion.

The two companies in a joint statement  stated that the transaction aims to create a strong national champion for Nigeria to further enhance food security

According to the statement, Honeywell Group Limited had agreed to sell 71.69 per cent stake in Honeywell Flour Mills to Flour Mills of Nigeria Plc.

“For the proposed combination of FMN through its affiliates and Honeywell Flour Mills Plc. (HFMP), a portfolio company of HGL. At a total enterprise value of N80 billion, HGL will dispose of a 71.69per cent stake in HFMP to FMN.”

The proposed combination is however  subject  to approval from the appropriate authorities


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