PZ Cussons plc has sold its 50% equity stake in the Nigerian edible oils joint venture PZ Wilmar to Wilmar International Limited for $70 million as part of its portfolio transformation strategy.
Sale of 50% Stake in PZ Wilmar Joint Venture
PZ Cussons plc (referred to as 'the Group') has announced the sale of its 50% equity interest in PZ Wilmar Limited, a prominent Nigerian edible oils business, to its joint venture partner, Wilmar International Limited (Wilmar). This transaction, valued at $70 million (£51 million), is a significant move in the Group's ongoing portfolio transformation aimed at maximizing shareholder value. The sale follows a strategic review initiated in April 2024 to assess options for enhancing the Group’s presence across various brands and geographical markets.
PZ Wilmar, established in 2010, is recognized as one of the largest sustainable palm oil enterprises in Nigeria. Operating under reputable brand names such as Mamador and Devon King’s, PZ Wilmar holds a leading market position in edible cooking oils. Post-transaction, the operational integrity of the business is anticipated to remain unaffected.
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Industry Overview in Nigeria
The edible oils market in Nigeria is characterized by increasing consumer demand and evolving dietary preferences, placing a focus on health and sustainability. As on
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Disclosed details
Transaction Size: $70M
Revenue: $371M