Last checked at 1 Apr 2015 07:00
1 April 2015
GLANBIA EXITS JOINT VENTURE IN NIGERIA
Glanbia plc ("Glanbia" or the "Group"), the global performance nutrition and ingredients group, today announces that it has exited its investment in Nutricima, a joint venture based in Nigeria, as it no longer fits the Group's strategic priorities. PZ Cussons plc, Glanbia's partner in Nutricima, has agreed to acquire Glanbia's 50% stake for cash consideration of £21 million (approximately €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 has entered into a long-term agreement with Nutricima for the supply of dairy ingredients.
Siobhan Talbot, Glanbia's Managing Director, said: "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."
ENDS
For further information contact:Glanbia plc +353 56 777 2200
Investors: Liam Hennigan, Head of Investor Relations. Telephone +353 (86) 046 8375
Media: Mark Garrett, Director of Communications and Public Affairs. Telephone +353 (86) 601 9655