Wilmar International Limited, a Singapore exchange-listed agribusiness giant has signed an agreement with PZ Cussons Plc to acquire its 50 per cent equity stake in PZ Wilmar Limited for a cash consideration of $70 million.
Upon completion, Wilmar will assume full ownership of PZ Wilmar, the producer of popular household cooking oil brands including Mamador and Devon King’s. However, The deal, pending regulatory approvals, is anticipated to close by the final quarter of 2025.
According to the statement made available by joint ventures on Wednesday stated that: “PZ Cussons Plc and Wilmar International Limited have agreed definitive terms for Wilmar to purchase the 50 per cent equity stake in PZ Wilmar Limited held by PZ Cussons Plc, for a cash consideration of $70 million”.
This transaction signifies PZ Cussons’ complete withdrawal from the Nigerian palm oil sector, which it co-established in 2010.
Jonathan Myers, Chief Executive Officer of PZ Cussons Plc, noted that the exit signifies the conclusion of a successful collaboration that has made a substantial impact on the Nigerian consumer goods sector.
“Our joint venture with Wilmar in Nigeria has been a long-term and rewarding partnership for us both. I want to thank the Wilmar leadership for their support, and our PZ Wilmar employees for their contribution and great results over the years,” he said.
“PZ Wilmar is in the best possible hands to build further on its market-leading position, while PZ Cussons continues to invest in and grow its core business”, he added.
The statement further indicated that following the finalisation of the transaction, Wilmar will assume full ownership of PZ Wilmar, with a new name to be revealed in due course.
“The transaction between the two existing joint venture partners of PZ Wilmar establishes a strong basis for continuity and a smooth transition of ownership, with no substantive impact expected on people or operations.”
Kuok Khoon Hong, Chairman and CEO of Wilmar, expressed appreciation to PZ Cussons for their collaboration and support since the establishment of the joint venture in 2010, acknowledging their role in its success and strong market leadership in Nigeria.
“Wilmar is acquiring PZ Cussons plc’s 50 percent stake in PZ Wilmar as we are bullish on the long-term potential of Nigeria’s palm oil sector, given its large and growing population and suitability for palm cultivation,”, he said.
“The Nigerian market’s strong demographics, with more than 200 million consumers, offers a significant opportunity for growth in food and nutrition. It is Wilmar’s intention to continue developing both upstream and downstream businesses in Nigeria”, Kuok added.
In addition, Wilmar also announced its intention to identify a strong local partner to bolster its operations in Nigeria following the acquisition, despite now holding full ownership of the business.
PZ Wilmar ranks among the largest sustainable palm oil enterprises in Nigeria. The joint venture also holds minority interests in two palm oil plantations in Nigeria, where Wilmar remains the majority owner.
Meanwhile, PZ Cussons Nigeria Plc, a subsidiary of PZ Cussons Plc, is not a shareholder in PZ Wilmar and is therefore unaffected by the transaction. The company noted that this decision enables it to sharpen its focus on its core portfolio, comprising hygiene, baby care, and beauty products.
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