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LequteMan
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Global ingredients and performance nutrition group Glanbia has sold its 50% stake in Nutricima to PZ Cussons, saying the company no longer fits its strategic priorities. Daily Independent reports.
PZ Cussons, Glanbia’s partner in the joint venture for Nutricima, agreed to buy its 50 percent stake for a cash consideration of about €29m (£21m).
The news comes on the day that EU milk quotas, which followed on from the EU’s Common Agricultural Policy and the guarantee of milk prices, were abolished.
Nutricima was formed in a joint venture over 10 years ago in a joint venture between Glanbia and UK firm PZ Cussons to supply evaporated milk and milk powder to the local market.
Nutricima generated profit before tax of approximately £1.3 million in the financial year ended May 31, 2014.
#Glanbia #Nutricima #PZCussons #Nigeria
PZ Cussons, Glanbia’s partner in the joint venture for Nutricima, agreed to buy its 50 percent stake for a cash consideration of about €29m (£21m).
The news comes on the day that EU milk quotas, which followed on from the EU’s Common Agricultural Policy and the guarantee of milk prices, were abolished.
Nutricima was formed in a joint venture over 10 years ago in a joint venture between Glanbia and UK firm PZ Cussons to supply evaporated milk and milk powder to the local market.
Nutricima generated profit before tax of approximately £1.3 million in the financial year ended May 31, 2014.
#Glanbia #Nutricima #PZCussons #Nigeria
