Vitafoam set to acquire Vono Products

Vitafoam Cuts Import, Sources Raw Materials Locally

Perhaps, feeling the strain of a beleaguered economy coupled with the devaluation of the naira which has made business costlier, one of Nigeria’s oldest and foremost producers of the popular mattress and pillow brands, Vitafoam Nigeria, has hinted that the company would immediately decrease its importation of raw materials with a view to internally sourcing for raw materials.

This information was disclosed by Vitafoam’s Group Managing Director, Mr Joel Ajiga recently in Lagos where the company joined the rest of the world to celebrate this year’s World Sleep Day tagged “when sleep is sound, health and happinesss abound.”

Elaborating further on this new development, Mr Ajiga said that the company had taken several factors into consideration before coming up with such a decision and the factors such as the devaluation of the naira, multiple tax claims by different government agencies, poor road network, and the huge cost of producing the energy it needs to produce the goods have all led to escalating costs and had a huge impact on the operations of the company and have therefore decided to embark on internal sourcing of raw materials.

In his words, “In order to survive the situation, we had to go back to the drawing board and devise strategies to weather the storm since we could not transfer the cost to the consumers as the dwindling disposable income in the economy had reduced the buying power of the consumer.”

Explaining how the new process would operate, Mr Sola Owoade, the National Manager (Sales), of the company said “We used to import our polymer sheet binders but we now blend them at the system house instead.

“The hardener we use in the manufacture of foam is currently being imported but in a few weeks’ time from now, we will start to blend the hardener in one of our subsidiaries, Vitafore, instead of continuing to import.”