PZ Cussons set to sell Nutricima to FrieslandCampina WAMCO
PZ Cussons has announced the proposed sale of its Nigerian dairy business, Nutricima, to FrieslandCampina WAMCO Nigeria. Details of the financial transaction have not been made known by either of the parties.
Nutricima manufactures and distributes beverages in Africa with a product portfolio that includes milk and yoghurt based drinks such as Nunu, Yo, and Olympic. Under Nunu brand, the company offers a wide range of powdered, evaporated and ready-to-drink (RTD) milk beverages, while under Yo brand, it offers yoghurt drinks, as well as an RTD yoghurt range.
Commenting on the proposed sale of Nutricima, the Executive Chair of PZ Cussons, Caroline Silver stated that the deal would enable the group to deliver high margin earnings as it was in line with its business strategy.
“The proposed sale of Nutricima and the sale of Luksja are further steps forward under our ‘Focus, Scale and Accelerate’ strategy, as we continue to streamline the group to focus investment on core Personal Care and Beauty brands. This will enable us to deliver higher-margin earnings, in geographies which can scale, and support the return of the group to sustainable, profitable growth,” she said.
PZ Cussons exchanged sale agreements of the assets associated with Nutricima’s business with FrieslandCampina WAMCO Nigeria, but completion of the deal is subject to receipt of regulatory approvals in Nigeria.
In addition to this deal, PZ Cussons completed the sale of its Polish personal care brand Luksja to Athens based personal care company Sarantis Group. As part of the deal, Sarantis has also agreed to distribute certain PZ Cussons’ brands, including Carex, Original Source and Morning Fresh in Poland and Central and Eastern Europe.
PZ Cussons Nigeria Plc is a subsidiary of Manchester-based PZ Cussons Holdings which owns controlling shares in the firm. It is a publicly listed Nigerian manufacturer and distributor of consumer products such as Ava, Canoe, Elephant, Flourish, Joy, Morning fresh, Nunu and Premier, among others.
FrieslandCampina has a long history in Nigeria. It was incorporated in April 1973 as West Africa Milk Company Nigeria (WAMCO) and commenced operations in 1975. The company is an affiliate of Royal FrieslandCampina of The Netherlands, one of the largest dairy producers in the world.
RECOMMENDED ARTICLES
Comment
No comments found.