The finance director of 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.
Alegbesogie stated this to members of the Nigerian Institute of Builders (NIOB), Lagos state chapter, during facility tour of Vono premises in Lagos recently. He stated that Vono, an indigenous company, had comparative advantage in the production of quality furniture at affordable prices.
To him, “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.”
Speaking, 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 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.
Operations manager of Vono, 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,” 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 ₦840 million rights issue to strengthening its expansion programme.