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LONDON (Alliance News) - PZ Cussons PLC Wednesday said it has bought Glanbia out of their Nigerian joint venture for GBP21 million in cash, and has signed a long-term deal with the Irish ingredients company for the supply of milk-based products to the venture.
In a statement, British consumer products company PZ Cussons said the deal to take full control of Nigerian evaporated milk and milk powder venture Nutricima will boost its earnings in its next financial year. Nutricima made revenue of GBP74.4 million in the year to May 31, 2014, and a pretax profit of GBP1.3 million. Its gross assets were GBP57.9 million at that date.
PZ Cussons and Glanbia formed Nutricima in 2003 with one facility, and then opened a second facility making UHT products 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 company said.
"Following the buy-out, our balance sheet remains strong, giving us the capacity to take advantage of further investment opportunities as they arise," Chief Executive Alex Kanellis said.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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