PZ Cussons in Nigeria buy-out

Kasmira Jefford
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PZ CUSSONS has bought out its partner Glanbia’s 50 per cent stake in their Nigerian joint venture, milk-based drinks supplier Nut­ricima, for £21m in cash.

The consumer goods giant created the joint venture in 2003 to supply evaporated milk and milk powder to the Nigerian market. It has since developed three well-known brands including Nunu and powdered yoghurt drink Yo.

Nutricima made £1.3m in profits on £74.4m of revenues last year.