The mattress industry has evolved from simple spring mattresses to orthopedic memory foam models and hybrids.

Mattress sales have increased and are expected to continue. This can be attributed to the rise in home ownership as well as increased demand for products that improve sleep and overall well-being.

However, a particular challenge for Nigerian foam manufacturing companies is the availability of raw materials, which are usually imported.

In addition, the main chemicals used in manufacturing are very expensive, they are by-products of crude oil extraction and are therefore impacted by fluctuations in crude oil prices on the world market. Counterfeit mattresses are also a problem.

However, a major player in the mattress/foam manufacturing industry in Nigeria, which has been around since 1962, is Vitafoam Nigeria Plc.

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About

Vitafoam Nigeria Plc. is a Nigerian foam manufacturing company that manufactures and sells soft and reconstituted foam products and furniture. It is listed on the Nigerian Stock Exchange. The company has factories in Lagos, Kano, Jos and Aba, as well as a distribution network that covers the whole country, including Ghana and Sierra Leone, with a workforce of over 600 people.

Story

British Vita, a company specializing in the manufacture of latex foam pillows and mattresses, started the business in 1962. British Vita then reduced its stake from 50% to 20% in 1978 and joined the distributor regional GB Ollivant. In 1963, Ikeja Industrial Estate started producing.
Polyether products; subsequently, a polyether foam unit was established at the Ikeja plant in 1966.

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Additionally, the Aba factory was founded in 1972 to manufacture polyether foam for mattresses, furniture and transportation applications in the eastern region. Except for Delta and Edo, the plant now serves the five eastern states and the four south-south states.

Later, Kano factory was founded in 1974 after Aba factory using continuous foaming plant. The Jos factory was next, established in 1982 and produces various brands of mattresses (except orthopedic and spring mattresses which are currently supplied by its factory in Ikeja) and distributes other products manufactured by all Vitafoam subsidiaries in the North Central region of Nigeria.

business leaders

  • Dr. Bamidele Makanjuola – President
    Dr. Makajuola was the former Executive Director and General Manager. He holds a PhD from Loughborough University and an undergraduate degree from Obafemi Awolowo University. He is currently a board member of DN Tire & Rubber Plc., Fellow of the Polymer Institute of Nigeria and Fellow of the Nigerian Society of Engineers.
  • Taiwo Ayodele Adeniyi. Chairman and CEO, Group CEO and Director
  • Joseph Alegbesogie- Chief Financial Officer & Administrator
  • Abbagana M. Abatcha – Director, Group Director – Technical and Development

Partnerships And Subsidiaries

Prior to purchasing Vono Products, the company formed a strategic alliance with the struggling competitor in 2011. The acquisition of Vono Products increased the company’s market share in the furniture industry and was able to expand its product offering. products in the 2000s by investing in modern sleep options, which are now managed by four of its subsidiaries: Vitapur, Vitagreen, Vitavisco and Vitablom. Vitapaur.

In total, the company has 7 subsidiaries which are: Vono Furniture Products Ltd., Vitablom Nig. Ltd., Vitapur Nig. Ltd., Vitavisco Nig. Ltd., Vitagreen Nig. Ltd., Vitafoam Sierra Leone Ltd. and Vitafoam Ghana Ltd.

Some products

Their full product line is categorized into mattresses, pillows, bedding, furniture, mother and child, and lifestyle products. Products generally include mattresses, cushions, pillows, upholstery, shoes, insulating and elastic products, soft and hard furniture, among others.

Here is a breakdown of the affiliates based on their product offering is as follows:

  • Vono provides furniture products for hospitality, offices, homes and institutions.
  • Vitablom was incorporated in 2010 and produces fiber upholstery, bedding and flat sheets offering pillows, duvets and sheets in Nigeria.
  • VitaPur manufactures, fabricates and installs its various rigid polyurethane foam products, some of which include pre-engineered buildings, sandwich panels, insulation panels, chemical systems and pre-cut pipe sections. Vitapur also performs on-site insulation services through spray foam equipment and other utility equipment.
  • Vitavisco produces viscoelastic foam, also called memory foam, which is characterized by its slow recovery after compression.
  • Vitafoam Sierra Leone manufactures mattresses of varying resilience and hardness
  • Vitaparts currently produces two variants of synthetic and conventional automotive oil filters: Spin-on Vitafilter and Cartridge Vitafilter.

business model

The company sells its products directly and indirectly through distributors nationwide. As of July 2022, its revenue was N42.80 billion with a net income of N5.26 billion.

Investor Relations

Vitafoam Nigeria Plc. has been listed on the Nigerian Stock Exchange since 1978. At that time, 50% of the company’s shares were each held by Vita International limited, a subsidiary of British Vita Plc and Central and West Africa (CWA) Holdings (a subsidiary of Unilever Plc.

Its current market capitalization stands at N28.14 billion, while its shares on the Stock Exchange are currently trading at N20.35 per share.

Competitors

Its main competitors are Mouka mousse, Winco mousse and Sara mousse. While VitaFoam is a public company listed on the Nigerian Stock Exchange, Mouka Ltd is a family owned and privately owned company.

New

In July 2022, the company announced the introduction of a new product called Polyethylene (PE) to its product offering. The objective is to reduce the risks associated with the maintenance of fragile electronic items and other assets in Nigeria.

According to the general manager of the company, Mr. Joseph Musa, “The product is used by manufacturers of school bags, travel bags and insulation products for air conditioner drain pipes. It is ideal for use as an expansion, contraction and insulation joint in the swimming pool bridges, gutter works, floor slabs, pavement patch repair, sidewalks, driveways, plazas, parking lots, highways and airports. The product improves roof cooling. It is useful in comfort homes and shopping malls.

“Similar products are high-resilience molded foams used for automotive seats such as motorcycles, tricycles and passenger buses.

Others also include high resiliency molded foams for seat, back and headrests used in office chairs and other upholstered furniture applications.”