Month: December 2018

Frigoglass, the Greek refrigerator and glass bottle manufacturer announced on Thursday that it will invest €25-30 million to expand furnace capacity at its Beta Glass Guinea plant, located in Agbara, Ogun state in Nigeria. The investment will increase capacity at the plant by 35,000 tons per year. It includes a new furnace which will replace an existing one that has reached the end of its life, an additional production line, upgrades to existing production lines, as well as new inspection equipment to strengthen the plant’s capabilities. It said the investment will drive growth in the company’s glass business across the West African region. The new furnace, with an expected productive life of more than 12 years, demonstrates its commitment to customers across West Africa. The plant will al

Nigerian Breweries Plc, has said it will appeal a recent ruling by an Edo High Court in the case of Prof. Ernest Izevbigie vs Nigerian Breweries Plc. The court had ordered Nigerian Breweries to apologise to one of its customers, Mr Izevbigie, who had brought a suit against the company for allegedly wrongfully inscribing “low sugar” on one of its brands, Amstel Malta. The former Vice Chancellor at the Benson Idahosa University and Professor of Biochemistry had claimed through lab test results that the said malt drink contained far more sugar content than the company was willing to admit and thus was misleading to the public to have the inscription “low sugar”. Speaking with the media on Thursday, Counsel to Nigerian Breweries Plc, Mr Godfrey Airmen, said that the company would appeal the ru

Anheuser-Busch InBev’s credit rating has been slashed to the lowest tier of investment-grade, according to Moody’s Investors Service, which warned that the company is struggling to reduce its $100bn debt load. The credit rating firm said it lowered the brewer’s Senior Unsecured debt ratings to Baa1 from A3, putting the company three levels away from junk rating, Moody’s said on Monday. Depreciating currencies in emerging-markets are to blame for the brewer’s woes as it has sapped profits from the beer giant, leaving the company’s debt five times earnings before interest, taxes, amortization and depreciation (ebitda), Moody’s said. AB InBev has the biggest debt load in the global food industry, according to the credit rating firm. “Deleveraging is behind original expectations due largely to

Anheuser-Busch InBev’s credit rating has been slashed to the lowest tier of investment-grade, according to Moody’s Investors Service, which warned that the company is struggling to reduce its $100bn debt load. The credit rating firm said it lowered the brewer’s Senior Unsecured debt ratings to Baa1 from A3, putting the company three levels away from junk rating, Moody’s said on Monday. Depreciating currencies in emerging-markets are to blame for the brewer’s woes as it has sapped profits from the beer giant, leaving the company’s debt five times earnings before interest, taxes, amortization and depreciation (ebitda), Moody’s said. AB InBev has the biggest debt load in the global food industry, according to the credit rating firm. “Deleveraging is behind original expectations due largely to

PZ Cussons Plc, the British maker of a wide range of consumer goods and parent company of PZ Cussons Nigeria Plc, issued a profit warning on Thursday ahead of the release of its half-year results in January for period ending 30th November, 2018. While its business in Europe and Asia have seen continued good performance as a result of product innovation and distribution expansion, the company said that its African business remains challenging due in part to the economic situation in Nigeria. The company noted that consumer disposable income in Nigeria remained weak ahead of the election scheduled for February 2019. There have also been cost challenges from a further 10% weakening of the naira against the US dollar in the period and additional transport costs from significant disruptions bei...