Glanbia Exits Joint Venture in Nigeria
Glanbia, the global performance nutrition and ingredients group, has exited its investment in Nutricima, a joint venture based in Nigeria, as it no longer fits the group’s strategic priorities. PZ Cussons, Glanbia’s partner in Nutricima, has agreed to acquire Glanbia’s 50% stake for cash consideration of £21 million (€29 million). Nutricima generated profit before tax of approximately £1.3 million in the financial year ended 31 May 2014.
As part of the transaction, Glanbia Ingredients Ireland, a joint venture between Glanbia and Glanbia Co-op, has entered into a long-term agreement with Nutricima for the supply of dairy ingredients.
Siobhan Talbot, managing director of Glanbia, says: “We believe this is the right move for Glanbia at this time. The region remains a significant market for dairy ingredients, particularly enriched milk powders and we look forward to continuing the relationship with PZ Cussons through the new long-term supply agreement with Glanbia Ingredients Ireland.”
