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Vitafoam targets multinational status, assures of improved returns


VITAFOAM Nigeria Plc is on the move to become a multinational company having survived 50 years of corporate existence despite harsh operating business environment in the country, said Joel Ajiga, Managing Director.

The company is also assuring shareholders of robust returns on their investments, following its recent acquisition of 25 percent equity in Vono Products Nigeria Plc.

Ajiga, while fielding questions from journalists in Lagos during an awards ceremony for key distributors, said: “Vitafoam has survived the last 50 years and has grown in leaps and bounds. In the next 50 years, we are looking at a multinational company. We want to become well known all over the continents. It should be a brand that whenever it’s mentioned it well known all over the world like Pfizer, Johnson & Johnson, Nestle; etc.”

He affirmed that the acquisition of a substantial share in the metal, wooden furniture and foam mattresses firm is anchored on increasing value of stakeholders, reduce operational cost and grow revenue and enhance the profitability of the partners in the alliance.

Peter Folikwe, Sales and Marketing Director, said 150 key distributors were recognised and rewarded for the country, simultaneously.

“Incidentally, this award coincides with our 50th anniversary celebration. We actually appreciate them and we are rewarding them for their outstanding performance,” he said. He attributed Vitafoam’s  array of products to research and development effort.

“In terms of customers service and products quality we have been consistent. Of course, we carry out research and development by trying to know what the consumers want and ensuring that all times we make the consumers happy; it might be difficult to put together what we spends annually on R &D but it’s quite substantial.  Of course, we carry it out in the market place by trying to identify the needs of consumers before we put them into physical products for them to buy.


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