announced the signing of an agreement that will see them combine FMN and Honeywell Flour Mills Plc. The agreement was stated to be valued at ₦80 billion is subject to regulatory approval and will see Honeywell Group Limited transfer a 71.69 per cent stake in Honeywell Flour Mills Plc to Flour Mills of Nigeria.
Speaking about the transaction, Obafemi Otudeko, Managing Director of Honeywell Group Limited, said, “Today’s announcement is in line with the evolution of Honeywell Group and our vision of creating value that transcends generations. For over two decades, we have supported Honeywell Flour Mills to build a strong business with a production capacity of 835,000 metric tonnes of food per annum.
In the statement, Omoboyede Olusanya, CEO of Flour Mills of Nigeria, said, “The proposed transaction is aligned with our vision not only to be an industry leader but a national champion for Nigeria. We believe that this will create an opportunity to combine the unique talents of two robust businesses.