Why Vitafoam acquired Vono- Director

Read Time:2 Minute, 19 Second
Why Vitafoam acquired Vono- Director
L-Treasurer, the Nigerian Institute of Building (NIOB) Lagos Chapter, Phillips Olusesan Ayotunde; Operations Manager, Vono Furniture Products Limited, Raji Shina;  Finance Director, Vitafoam Nigeria PLC, Joseph Alegbesogie, Honorary Secretary, NIOB, Ogundare Abiodun and Financial Secretary, NIOB, Olayinka Ladie,  during facility visit of NIOB Lagos State Chapter to Vono Furniture Products Plant in Lagos recently 

The Finance Director, Vitafoam Nigeria PLC, Mr Joseph Alegbesogie has explained  that Vono Furniture Products Limited was acquired as a strategic diversification of Vitafoam into furniture business.

Vono is an indigenous manufacturer of building materials such as furniture, metal furniture, wooden furniture and soft furniture amongst others.

Addressing the members of The Nigerian Institute of Builders (NIOB), Lagos State Chapter, during the facility tour of Vono premises in Lagos recently, Alegbesogie explained that Vono, an indigenous company had comparative advantage in the production of quality furniture at affordable prices.

According to him Vono is open to partnership with any professional association whose members use the company’s products and services.

“ Vitafoam’s acquisition of Vono is consistent with Vitafoam’s diversification into full household materials. Vono is now the furniture arm of the Group. Vitafoam is no longer about foams alone. Our other subsidiaries are Vitapur, Vitablom, VitaVisco, Vitaparts and Vono Products. We are ready to go into strategic partnership with NIOB to ensure that Nigerians get quality products at affordable prices.”, Alegbesogie said.

Speaking at the facility tour, the Honorary Secretary, NIOB, Mr. Ogundare Abiodun commended Vono for its giant stride in the production of modern building materials and expressed his Institute’s willingness to collaborate with the company for mutual benefits.

“  The main purpose of our visit is to be a strategic partner with Vono furniture in order to create awareness of its product to the general public and the processes of manufacturing the products. For any company to generate profit, its  products and services  should be competitive.”, Abiodun said.

Earlier in his presentation, Vono’s Operations Manager, Mr. Raji Shina explained that Vono was the only company in Nigeria that produces metal furniture, wooden furniture and soft furniture.

“  For us to remain relevant in the industry, we need to take our own share of the market. We must review our business model and diversify our products and services. We produce quality furniture at Vono. This reflects in our logo. I advise the general populace to be conscious of  inferior products in the market.  It’s important to get value for one’s money.  Despite the hardship in the economy,  people should endeavor to go for quality products.”, Shina said.

In August, 2010, Vitafoam acquired majority shareholding in Vono Products and took over the board and management of the company.

Following this acquisition, in 2012, Vono launched  a N840 million rights issue to strengthening  its expansion programme.

0 0

Leave a Reply

Your email address will not be published. Required fields are marked *