Lagos, Nigeria - Vitafoam Nigeria Plc has joined with Lagos-headquartered Vono Products Plc to form a strategic alliance in the Nigerian foam, mattress and furniture market.
The alliance is a lifeline for troubled Vono, once so popular in Nigeria that its name was a generic term for beds and mattresses. It has struggled in over the last two decades to achieve good market share in the foam industry due to poor management and economic difficulties in the country, according to a 4 Jul report sent to UTI by a Vitafoam spokesman.
Vitafoam has taken a 25 percent equity share of Voda but the two companies will remain as separate entities with the focus on collaboration, not acquisition. Titilola Bakare, managing director of Vono Products said in the report that the unification of the companies will translate to greater successes.
Vitafoam's technical director, Ajiga Joez, said in the report that the key areas of collaboration will involve information sharing, development of new ideas and building on their deep understanding of the business and the Nigerian market.