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Godrej Consumer Products Limited (GCPL) has acquired Kenya-based Canon Chemicals Limited, a manufacturer and distributor of personal and home care products, for an undisclosed amount. The major brand categories of the 40-year-old family run company include petroleum jelly, air fresheners, detergents and candles.
In 2015, the annualised revenue of Canon Chemicals was Kenyan Shillings 1,146 million (about Rs 76 crore). This acquisition will help Godrej Consumer Products to further build its presence in the Africa market. GCPL’s Africa business currently has annualised revenues of $ 200 million, accounting for about 30 percent of its international sales.
“We are delighted to add Canon Chemicals Limited to our home and personal care portfolio in Africa. Canon has a strong track record of serving consumers in Kenya for over 40 years and we look forward to leveraging its strong brand equity and distribution infrastructure, for our business. This acquisition re?ects our continued commitment to scaling up our presence in Africa and providing African consumers with a wide range of superior quality products at a?ordable prices. We remain very excited by the tremendous potential of the African market and look forward to further building our business,” said Vivek Gambhir, managing director, GCPL.
In line with its 3X3 approach to international expansion, Godrej Consumer Products has been building its presence in 3 emerging markets (Asia, Africa, Latin America) across 3 categories (home care, personal wash and hair care). In 2010, it acquired the Indonesia based Megasari group, a leader in household insecticides, air fresheners and baby care. With the acquisition of Rapidol, Kinky and Frika in South Africa, and the Darling Group, a leading pan-Africa hair care company, Godrej has a strong presence in the fast growing African hair care market. The company acquired the Issue and Argencos groups in Argentina, leaders in hair colour, in 2010, and expanded its footprint to Chile through the acquisition of Cosmetica Nacional. The UK based Keyline Brands, which Godrej acquired in 2005, plays in hair and personal care.
