Coca-cola has a three-year plan to completely take over its juice competitor in Nigeria, Chi Limited. The global beverage company has already begun plans and wants to complete the deal early next year.
In 2016, Coca-Cola announced the acquisition of an initial minority equity shareholding (40 percent) in the leading Nigerian juice and snack producer and on Thursday, 20 September, Coca Cola disclosed that it has begun a total take over plan, as part of its global strategy to diversify from its core business of sugary sodas to the production of plant-based beverages and juice smoothies.
According to President of The Coca-Cola Company’s West Africa business unit, Peter Njonjo, Coca Cola’s drive to diversify its product range could give the company more flexibility in the Nigerian market. “We are still on track to complete the acquisition (of Chi Ltd) by the end of the first quarter of 2019,” he stated.
Chi Limited, which was incorporated in 1980, was termed a fast-moving company that provides consumer products in the dairy, beverages and snacks in Nigeria. Chi has 24 products including popular ones like Chivita, Hollandia yoghurt and Beefy sausage roll.