BIC announced on October 23rd that it has completed the acquisition of Lucky Stationery Nigeria Ltd (LSNL).

Announced on July 25th, 2019, this acquisition is consistent with BIC’s continued growth strategy in Africa.

LSNL is Nigeria’s number one Writing Instruments manufacturer, with approximately 5 million euros in Net Sales and about 30% market share in volume. Its main Writing Instrument manufacturing facility is currently located in Ilupeju-Lagos and will be relocated to a new modern facility north of Lagos in Shagamu.

Nigeria is the largest economy and most populous nation in Africa. Nigeria is also number one in the pens market in the region, selling approximately 425 million items a year, with expected double-digit annual growth within the next five years.

Source: Yahoo Finance