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Buy-out of Glanbia Plc's stake in Nutricima joint venture

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PZ Cussons Plc, is pleased to announce that it has bought-out Glanbia’s 50% stake in Nutricima, the Nigerian joint venture between Glanbia and PZ Cussons, for £21m in cash, giving PZ Cussons full ownership and control.  PZ Cussons has also entered into a new long-term agreement with Glanbia Ingredients Ireland for the supply of milk-based products to Nutricima.

The Nutricima joint venture with Glanbia was formed in 2003 to build a facility in Nigeria to supply evaporated milk and milk powder to the local Nigerian market.  A second facility for the manufacture of UHT products was opened in 2009. Over the last decade, Nutricima has developed market leading consumer brands including Nunu, Olympic and Yo.  These brands will be further strengthened and developed under the full ownership and control of PZ Cussons.  The joint venture’s revenues, EBITDA and PBT for the year ended 31 May 2014 were £74.4m, £3.2m and £1.3m respectively.  Gross assets at 31 May 2014 were £57.9m.
 

The buy-out has been completed using existing facilities and is expected to be earnings enhancing in the next financial year.

 

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