Kellogg Company, the brand that brings you so many of your favorite cereals, is setting up a joint venture with an African arm of Singapore's Tolaram Group so that it can bring its cereals and snacks into West Africa.
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While the company is there, they will also pay a cool $450 million for a 50% stake in a food sales and distributing company that is owned by Tolaram, called Multipro. The company, which is based out of Lago, Nigeria, will likely provide hundreds of jobs. Kellogg also has the option to buy a stake in Tolaram's African unit. Tolaram owns roughly 49% of Dufil Prima Foods, who makes popular snacks in the area like Indomie noodles, Minimie snacks, Power oil and Power pasta, according to Reuters.
With their new developments, Kellogg will make snakes specifically for the West African market while using the knowledge and expertise from the other companies. They will also get crucial access to the distribution network which Multipro has created all over Africa, specifically in Nigeria and Ghana, but potentially in further reaching areas like the Dominican Republic of Congo, Ivory Coast, Cameroon and Ethiopia.
US packaged food companies both big and small are looking to expand worldwide as their largest customer base thus far - North America - is skewing towards healthier options that don't come processed or packaged.
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Kellogg has also made purchases in other parts of Africa, including an Egpytian bakery in January. Their goal is to try to incorporate all of these different tastes so that they can make snacks that would appeal to these people, who generally don't have the same favored tastes as people in North America do.