Olam International Limited (Olam) and Sanyo Foods Co. Limited of Japan ("Sanyo Foods") have announced an exciting new joint venture in Nigeria aimed at manufacturing and distributing instant noodles across Nigeria and Sub-Saharan Africa. This strategic partnership reflects both companies' commitment to expanding their global presence and enhancing their product offerings.
Investment and Ownership Structure
Under the terms of the agreement, Sanyo Foods will invest US$20 million in cash for a 25.5% equity stake in the newly established joint venture. The funds will be used to acquire new shares in the JV, which will house Olam’s existing instant noodles assets and business in Nigeria. Olam, as the majority shareholder, will retain a 74.5% ownership stake and will hold management control of the joint venture.
The transaction was completed on a willing-buyer, willing-seller basis, with both parties in agreement on the valuation. The deal is subject to customary closing conditions and regulatory approvals.
Sanyo Foods’ Market Leadership
Sanyo Foods, founded in 1953, is a global leader in the instant noodles industry. As Japan’s third-largest player in the market, Sanyo Foods has established a strong presence in key international markets, including China, Vietnam, Russia, and North America. The company has grown through strategic partnerships and acquisitions, including equity stakes in Tingyi Holdings in 1999 and King Lion of Russia in 2011. Tingyi Holdings, now the market leader in China, operates 24 production facilities across the country.
Expansion into Sub-Saharan Africa
This joint venture marks a significant step in Olam and Sanyo Foods' expansion plans in Sub-Saharan Africa. The region has shown increasing demand for convenient, affordable food products, making it an ideal market for the launch of high-quality instant noodles. The JV will leverage Olam’s established operations in Nigeria and Sanyo Foods’ expertise in the global instant noodles sector to cater to the growing needs of consumers across the continent.
Job Opportunity: Electrical Electronics Engineering Position
Olam is also looking to strengthen its operations by recruiting for an Electrical Electronics Engineering position. This role is based in Apapa, Lagos, and offers a full-time employment opportunity.
Job Title: Electrical Electronics Engineering
Location: Apapa, Lagos
Employment Type: Full-time
Key Responsibilities
- Design, develop, test, and supervise the manufacturing of electrical equipment such as electric motors, radar and navigation systems, communications systems, or power generation equipment.
- Prepare electrical drawings, plans, and schedules for projects.
- Supervise and coordinate electrical workers and subcontractors, ensuring that work meets quality standards.
- Inspect and test electrical installations and components to ensure compliance with safety regulations.
- Troubleshoot and resolve electrical issues and faults promptly.
Candidate Requirements
- A minimum of 3 to 5 years of experience in electrical engineering.
- Expertise in designing and developing electrical systems and components.
- Ability to manage and oversee the execution of electrical projects, ensuring efficiency and quality.
- Strong problem-solving skills and the ability to work under pressure.
How to Apply
Interested and qualified candidates should send their CV and application letter to joy.idika@olamnet.com, with the job title as the subject of the email.
Application Deadline: January 31, 2025
Conclusion
This role presents an exciting opportunity to be part of a dynamic and expanding team, contributing to the success of Olam’s joint venture with Sanyo Foods in Nigeria.
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