- Honeywell Expects Profitable Year, Unveils 140,00MT Pasta Plant
HoneyWell Flour Mills Plc has expressed optimism about recording a profitable financial year despite the prevailing harsh conditions plaguing the nation’s industrial sector.
The Managing Director, Honeywell Flour Mills Plc, Mr. Lanre Jaiyeola, gave the indication during the company’s annual customers’ forum and awards in Lagos.
He explained that despite many challenges that faced the manufacturing sector in 2017, such as the high exchange rate, scarcity of dollars, rising cost of wheat and high cost of borrowing, the company was able to survive and that it had evolved to achieve more growth in 2018.
He commended the unwavering support and loyalty of the firm’s customers for standing with the firm throughout the recession period.
He said, “The recession period is over and like any other business, we were also affected, but because we have a very formidable team and a very strong board, we were able to identify those key areas of the business that can help us position our business on the trajectory of growth and sustainability.”
Jaiyeola said that flour millers had helped wheat farmers to grow more wheat to ensure that there was sufficient quantity of local wheat for the industry.
He said that this support must continue in view of the fact that the volume of local wheat, which was 600,000 metric tonne, fell short of the industry’s demand of 4.5 million MT.
The Honeywell Flour Mills MD also said that the firm’s new state-of-the-art pasta plant in Sagamu when completed would consist of four pasta lines with an annual capacity of about 140,000 metric tonnes per annum, making it one of the most sophisticated pasta plants in sub-Saharan Africa.
“This facility will produce pasta using both wheat and local grains. With this high capacity lines, we will provide you with innovative and exciting cuts, shapes and sizes of pasta,” he said.