• Monday, December 04, 2023
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Why we acquired Vono, says Vitafoam finance director

Vitafoam as a metaphor for corporate foresight

Vitafoam Nigeria Plc‘s finance director, 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.
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 N840million rights issue to strengthening its expansion programme.

Addressing the members of the Nigerian Institute of Builders (NIOB), Lagos State Chapter, during 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 Nigerians get quality products at affordable prices,” Alegbesogie said.

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Speaking at the facility tour, the Honorary Secretary, NIOB, 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 and be able to create awareness of its product to the general public and the processes of manufacturing the products. For any company to generate profit, it’s products and services also should be competitive,” Abiodun said.

Earlier in his presentation, Vono’s Operations Manager, 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 public that there are inferior products out there. It’s important to get value for everything one spends. Despite the hardship in the economy they should endeavour to go for quality product,” Shina said.