Shareholders on Thursday commended Honeywell Flour Mills Plc on the on-going construction of its new multi-billion naira state-of-the-art foods & agro-allied complex and reaffirmed their confidence in the growth prospects of the company.
The shareholders expressed their satisfaction for the pace of the on-going construction when they visited the Sagamu site of the new factory complex.
The shareholders also conveyed their support for production of food products that use local inputs from Honeywell’s aggressive backward integration programme. Adding that with the new facility, the company deserves support and patronage from government, other critical stakeholders and the general populace.
The visit is coming ahead of the company’s 7th Annual General Meeting (AGM) scheduled to hold later this month.
Occupying over 63 hectares of land within the Ogun State Flowergate Industrial Estate in Sagamu, the new factory is expected to commence production of various food products in the second quarter of 2017.
This investment will create additional jobs in the economy and reduce the company’s demand for foreign exchange.
Speaking on the shareholders’ familiarization visit to the new factory complex, the Executive Director, Manufacturing, Honeywell Flour Mills Plc, Dr. Nino Ozara, who led the delegation to the factory site in Sagamu, Ogun State; expressed optimism that with shareholders’ continued support, the new factory, which is near completion, would not only boost local milling capacity, it will also transform the country’s milling industry and provide lots of jobs. “Honeywell Flour Mills’ new ultra-modern Sagamu factory site is proof of the company’s growth prospects and commitment towards re-enforcing investors’ trust even in the face of the current economic challenges. The plant will produce large scale wheat and non-wheat based products that would meet present and future food needs of Nigerian consumers, thereby further strengthening the company’s leadership position in the Nigerian milling industry. You would recall that in an interview published recently in one of Nigeria’s newspapers, the Vice President, Professor Yemi Osinbajo commended Honeywell for its Sorghum plant being built as one of the many manufacturing installations on the new site. The Vice President’s comment is a recognition of Honeywell’s bold backward integration objective that is the cornerstone of this project”, he said.
A representative of the shareholders, Dr. Boniface Okezie, commended Honeywell Flour Mills on the progress of work at the Sagamu factory which is nearing completion. He was particularly delighted at the quality of machines being installed, which are state-of-the-art. Dr Okezie encouraged the company to continue to maintain its reputation for high quality production processes once the factory commences production. He added that unalloyed commitment of the company to transformational investments such as this will guarantee business success and continued profitability of the company.
The Executive Director, Supply Chain, Rotimi Fadipe, who was also part of the tour, remarked that the location of the new factory could not have been better, as it is by an interchange along the Lagos-Ibadan expressway, which makes it easily accessible from any part of the country. He assured customers and end users of better product deliveries from the new factory.
Also commenting on the shareholders’ visit, the Executive Director, Marketing, Benson Evbuomwan, thanked the delegation for the visit and stated that the company will not rest on its oars but will continue to develop and implement business strategies aimed at reaffirming the company’s position in the industry as well as creating more successes for the company, its stakeholders and the Nigerian economy. He noted that this project provides the company with opportunities to introduce new product offerings that will delight its teeming and loyal consumers and grow market share.
Honeywell Flour Mills Plc currently boasts of one of the largest milling capacity in the country and produces household wheat-based food brands such as Honeywell Superfine Flour, Honeywell Semolina, Honeywell Wheat Meal, Honeywell Noodles and Honeywell Pasta. With the Sagamu project, Honeywell Flour Mills Plc will backwardly integrate to use a variety of local inputs to produce nutritious foods for its consumers.