India group acquires majority stake in Canon
Indian-owned personal care group Godrej Consumer Goods has purchased via a subsidiary a majority stake in Canon Chemicals, a Kenya-based beauty and home products manufacturer and distributor.
Canon is best known for Valcon, a petroleum-based personal care product line available in Kenya and a selection of neighbouring countries, and Bella scented hand and body lotions.
In a statement, Vivek Gambhir, Managing Director at Godrej Consumer Goods, acknowledged that the purchase for an undisclosed amount is part of the group’s wider plan to expand into the sub-Saharan market space. The company is targeting already strong regional assets, rather than introducing new brands....
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