The transfer is subject to approval by the Competition Authority of Kenya.
This will effectively see Haco Industries relinquish its manufacturing and distribution of BIC stationery and personal care products to the multinational company.
Haco Industries Chairman Chris Kirubi said the move will be positive for both the company and Kenya, as manufacturing remains in the country and Haco gets the opportunity to diversify and expand its business.
“I am proud of what Haco did with this brand. We were able to make Bic Kenya’s leading stationery manufacturer and distributor. I welcome this move and I am confident that Societe BIC will make the brand even bigger,”Haco Industries Chairman Dr Chris Kirubi said on Friday.
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Subject to approval
The move is likely to eat into Haco's earnings whose annual net sales are known to stand above Sh1 billion.
The transfer is expected to be completed by January 1, 2019, subject to approval by the Competition Authority of Kenya.
“Until the completion of the transfer, BIC and HACO will continue to work together for the mutual benefit of all stakeholders and the respective businesses to achieve a smooth transition,” Mr Kirubi added.
The deal will bring to an end nearly 40 years of Haco’s BIC franchise.
