Cussons launches new food joint venture in Nigeria

PERSONAL care products firm PZ Cussons has announced that it is to expand its interests in the food market in Nigeria by launching a joint venture with one of Asia’s largest agricultural companies, Wilmar International.

The pair are to develop a range of edible oils and spreads and will build their own palm oil refinery in Nigeria,  which is expected to complete within two years.

Cussons will invest £17m in venture but said that it expected it to be earnings enhancing within its first year of operation. Cussons will own 51% of the branded products firm and 49% of the refinery. Wilmar International,  which is listed on the Singapore Stock Exchange, will own the rest. The deal is subject to approval by the European Commission, which Cussons said that it expects within 25 days of notification.

The firm added that Nutricima, the joint venture with Glanbia Plc to develop nutritional beverages for the Nigerian market, will be unaffected by this joint venture and will continue to operate independently.

Click here to sign up to receive our new South West business news...
Close