Honeywell Group to invest in new sectors, amid N80bn acquisition deal

The Managing Director of Honeywell Group, Obafemi Otudeko, has said the company would begin investing in new sectors following the deal between Honeywell Flour Mills (HFM) and Flour Mills of Nigeria (FMN).

Otudeko stated that the firm is seeking a new path to increase its investment portfolio, after the group company exited HFM with N80 billion. Honeywell Group has investment in technology and telecommunications.

This comes after its deal with Flour Mills of Nigeria, which saw FMN purchase 71.69% stake in Honeywell Flour Mills, according to previous report by Ripples Nigeria last week.

While Otudeko didn’t reveal the sectors the company found investment worthy, a statement from the company made available to Ripples Nigeria said, “Honeywell Group is poised to continue refining and growing our investment portfolio.

“We are strongly positioned to expand our activities in key growth sectors through strategic investments and partnerships. We remain committed to creating businesses that leave a lasting impact and look forward to sharing our future plans.” he said.

The statement further reads, “The company has a network of partners across key industries including technology, telecommunications, real estate, energy, infrastructure, and financial services; as well as in distinctive commercial capabilities.

Read also: Flour Mills gets approval for acquisition of majority stake in Honeywell

“Over the years, the company has been known to identify and capitalise on attractive opportunities which has seen it being early investors in various industries. A prime example is its early investment in telecommunications in the 2000s during the advent of GSM in Nigeria.”

Touching on the deal with FMN, Honeywell Group stated that the merger would enable Nigeria grow and sustain its food security, as well as play vital role when African Continental Free Trade Area (AfCFTA) kicks off.

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