Kenya’s Chris Kirubi concludes sale of Bic prodution line to franchiser

French corporation Société BIC has announced that it has completed the takeover of the production lines of Kenyan company Haco Industries Limited’s writing products, lighters and razors business in East Africa, effectively ending Haco’s tenure as franchisee of the Bic brand in the region.

Kenya’s Competition Authority had last year approved the transaction, whose financial details remain undisclosed.

Haco Industries, fully owned by Kenyan multi-millionaire Chris Kirubi is one of Kenya’s largest consumer goods manufacturers, with agreements with several multinationals to manufacture and sell their brands in East Africa. CFAO FMCG&AGRI, a division of the CFAO group runs a similar model in West and Central Africa where it manufactures and sells products of brands like Société BIC.

Last year, Haco Industries was appointed the sole distributors of Mattel toy products, such as the Barbie, in East Africa, in a deal estimated to fetch the company more than Ksh 250 million ($2.4 million) in net sale value.

In 2008, the company sold a 51 percent stake to South Africa’s Tiger Brands for an estimated KSh363 million ($3.6 million). However, disagreement over strategy saw founder Chris Kirubi buy out Tiger Brand’s controlling interest in 2017.