Premium dried fruit snack company ReelFruit secures US$3m funding to expand production

NIGERIA – Nigeria’s leading dried fruit snack brand, ReelFruit, has raised a Series A investment of US$3 million to expand its production fivefold, increase its product offerings and double down on exports to the US and other international markets. The funding round was led by Alitheia IDF which invested 67 per cent or US$2 million, while other investors including Samata Capital and Flying Doctor Healthcare Investment Company also took part in the round. Founded in 2012, ReelFruit pioneered the dried fruit snack industry in Nigeria and remains its market leader.…

Read More

Aviation manufacturer Hexcel Corporation set to expand its Casablanca factory

MOROCCO – Hexcel Corporation, an aviation manufacturer, has announced an expansion at its existing engineered core facility in Casablanca, Morocco at the Midparc Free Trade Zone Industrial Park that will double the size of the plant and will lead to an increase in overall employment. The Casablanca facility was built as part of Hexcel’s ongoing worldwide investment to create a diversified and robust global supply chain to support aerospace customers’ growing demand for engineered core. “Today, Hexcel confirmed its decision to invest in Morocco, like many players in the aerospace…

Read More

Stellantis extends partnership with Morocco to produce electric cars

MOROCCO – Stellantis (formerly PSA), a Dutch-domiciled multinational automotive manufacturing corporation, has extended its partnership with Morocco to produce electric cars in the Citroen Ami assembly plant in Kenitra. The Kenitra plant will also produce the Opel Rocks-e, an electric car recently launched on the international market by German carmaker Opel, a subsidiary of the Stellantis group. It is a short two-seater of 2.41 metres, which can be driven by young people from the age of 15, especially in Germany, with an AM1 driving licence. The Opel Rocks-e is actually…

Read More

PPG Industries launches its first automotive coatings production facility in Africa

MOROCCO – American company PPG Industries, Inc. has announced the setup of its new facility in Tangier, Morocco, that will manufacture automotive sealants for local vehicle production. The plant is the company’s first automotive coatings production facility in Africa. It will be initially supplying materials for Renault Group’s Dacia brand vehicles that are produced in Tangier and Casablanca. The facility will make sealants that have room for greater flexibility in vehicle design and manufacturing. The company is evaluating the local production of additional adhesive, sealant and coatings technologies in order…

Read More

Adidas sells Reebok to Authentic Brands in US$2.5b deal

WORLD – Sportswear manufacturer Adidas AG, has agreed to sell its underperforming Reebok business to Authentic Brands Group Inc. for up to US$2.5 billion, adding another well-known name to the buyer’s growing line-up of consumer companies. The majority of the price will be paid in cash at closing, with the rest coming as deferred and contingent consideration, the companies said in a statement and the deal is expected to close in the first quarter of 2022. Authentic Brands Chief Executive Officer Jamie Salter said in the statement that the deal…

Read More

Kenya Breweries unveils US$9.2m fund to boost sorghum production

KENYA – Leading alcoholic brewer Kenya Breweries Limited (KBL), has unveiled a KSh1 billion (US$9.2 million) fund to promote commercial production of a traditional sorghum variety that has been found a suitable alternative for brewing Senator Keg brand. The Nairobi Securities Exchange-listed brewer is targeting to recruit more than 15,000 farmers in western Kenya in its latest efforts to ramp up production volumes and the funds will be used in the promotion and provision of seeds and for buying sorghum from the farmers. According to KBL western regional agribusiness manager Eliud…

Read More

BAT Kenya explores new export markets as local sales dip

KENYA – Cigarette manufacturer British American Tobacco (BAT) Kenya is eying new export markets, seeking to compensate for a dip in Kenyan sales. The Nairobi Securities Exchange-listed firm targets South Sudan, Madagascar, and Djibouti with cut rag tobacco, cigarettes, and tobacco-free oral nicotine pouches, Lyft. Kenyan market sales dropped 13.8% to KSh11.6 billion (US$106.2 million) in 2020 on reduced consumption of cigarettes in the wake of regulatory curbs and rising prices following additional taxes. The Kenyan government had raised excise duty on cigarettes by 20% in 2019, followed by a…

Read More

Female-owned battery manufacturer secures US$1.3m investment from Edge Growth

SOUTH AFRICA – Black empowered female-owned SME, I-G3N, which develops lithium-ion batteries, has successfully raised US$1.3 million in investment. I-G3N, the only black empowered female-owned SME to successfully develop lithium-ion batteries specifically for the African continent, received the investment from Edge Growth and the ASISA ESD initiative. Recognizing I-G3N’s capability in designing, developing and manufacturing battery energy storage systems, Edge Growth and the ASISA ESD initiative have partnered with Secha Capital, an impact fund manager that shares a common vision of creating value via financial returns, job creation, funding of…

Read More

Packaging company Mpact to invest US$4.6m in new factories and more solar capacity

SOUTH AFRICA – Mpact, the largest paper and plastics packaging business and recycler in southern Africa, has set aside R500 million (US$4.6 million) in new investments to build three new factories and increase renewable energy capacity. In the six months to June 30, 2021 underlying earnings per share were up sharply in the same period last year. Chief executive Bruce Strong said operating profit increased 165 percent to R337 million (US$3.1 million). Strong cash flow resulted in debt decreasing to R1.47 billion (US$13.5 million) from R1.9 billion (US$17.5 million), despite…

Read More

Nutreco enters into two joint ventures with Unga Group to expand East African footprint

UGANDA – Dutch producer of animal nutrition, fish feed and processed meat products, Nutreco, has announced that it has formed two joint ventures with the Kenya-based, largest feed miller in East Africa Unga Group Plc to meet the growing demand for high-quality protein within the East African region. The partnership involves open-ended, Nutreco-managed joint ventures with two indirect subsidiaries of Unga Group:  Unga Farm Care (EA) Limited in Kenya and Unga Millers (U) Limited in Uganda) underpinning  Nutreco’s commitment to its purpose of Feeding the Future and will enlarge the…

Read More