Bic: buys assets in Eastern Africa
(CercleFinance.com) - This morning Bic announced its acquisition of factories and the distribution business of products bearing its brand name in the region.
The financial terms of the deal were not specified.
The assets concerned include an industrial pen site and a distribution business (pens, lighters and razors) in East Africa. For the record, Bic has been associated with Haco for about 40 years now.
"I am confident that this agreement will reinforce BIC's long-term growth prospects in the region," said CEO Gonzalve Bich. "We estimate the regional Stationery market to be around 1.5 billion units annually and growing mid to high single digit," he added.
The deal is set to be completed on 1 January 2019.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The financial terms of the deal were not specified.
The assets concerned include an industrial pen site and a distribution business (pens, lighters and razors) in East Africa. For the record, Bic has been associated with Haco for about 40 years now.
"I am confident that this agreement will reinforce BIC's long-term growth prospects in the region," said CEO Gonzalve Bich. "We estimate the regional Stationery market to be around 1.5 billion units annually and growing mid to high single digit," he added.
The deal is set to be completed on 1 January 2019.
Copyright (c) 2018 CercleFinance.com. All rights reserved.