NIGERIA – PZ Cussons Plc, Glanbia’s partner in Nutricima, has agreed to acquire Glanbia’s 50% stake for cash consideration of £21 million.
Global ingredients and performance nutrition group Glanbia sold its stake in Nutricima after the business no longer fits the it’s strategic priorities.
Nutricima generated profit before tax of £1.3m in the financial year to the end of May 2014.
As part of the deal, Glanbia Ingredients Ireland has entered into a long-term agreement with Nutricima for the supply of dairy ingredients.
“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,” commented Siobhan Talbot, Glanbia’s Managing Director.