Glanbia sells 50% stake in Nigerian firm for €29m

Glanbia has exited its consumer dairy products joint venture in Nigeria to reinvest in its core areas of performance nutrition and ingredients.

The Kilkenny-headquartered group yesterday announced the sale of its 50% stake in Nutricima to its joint-venture partner, UK consumer goods giant, PZ Cussons, for €29m.

The move has been welcomed as Glanbia, via its Glanbia Ingredients division, has signed a new long-term supply agreement with PZ Cussons, and because Nutricima, which supplies enriched milk powder to the Nigerian market, only contributes modestly to group earnings.