Students who have a fondness for Mabisco Biscuits will soon have to bid farewell to their beloved treat. Mayor Biscuits Company Limited (MABISCO), the sole major indigenous biscuit manufacturer in Nigeria, recently announced its decision to sell the lucrative biscuits plant. The proceeds from this sale will be reinvested in a new business venture.
This announcement was shared with the media in a statement signed by Mr. Segun Matthew, the finance director of the company, based in Lagos. MABISCO, founded in 2016, boasts state-of-the-art biscuit manufacturing technology, with a remarkable total production capacity of 3.5 tonnes per hour, and access to the Shell LNG Gas terminal.
The plant is equipped with packing machines capable of handling a staggering 350 packs per minute. Located in the Agbara Industrial Zone in Ogun State, MABISCO occupies a substantial land area of 73,732.391 square meters (sq2m).
Before ceasing its operations in March 2023, MABISCO had successfully inaugurated over 300 established distributors nationwide within a span of seven years. Over this period, the company managed to secure a 5% market share in the competitive Nigerian biscuits market and maintained a strong presence in the northern, western, and eastern regions of the country.
Explaining the rationale behind this decision, Mr. Matthew stated, “We are opting to sell MABISCO to focus on our core area of business competence. To achieve this, divestment is the appropriate strategy.”
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