PZ Cussons Plc Sells Stake in PZ Wilmar Limited to Wilmar International for $70 Million
PZ Cussons Plc has recently announced a significant move to sell its 50 per cent stake in PZ Wilmar Limited to its joint venture partner, Wilmar International Limited, for a cash consideration of $70 million. This decision marks the complete divestment of PZ Cussons from the Nigerian palm oil business, which it co-founded in 2010.
The transaction is subject to regulatory approvals and is expected to be finalized by the last quarter of 2025. Once completed, Wilmar International will take over full ownership of PZ Wilmar, the renowned producer of household cooking oil brands such as Mamador and Devon King’s. A statement released on Wednesday, June 18, outlined the definitive terms of the sale.
Jonathan Myers, the Chief Executive Officer of PZ Cussons Plc, expressed his gratitude for the long and rewarding partnership with Wilmar. He acknowledged the contributions of Wilmar’s leadership and PZ Wilmar employees, stating that the business is now in capable hands to further strengthen its market position while PZ Cussons focuses on growing its core business.
Wilmar International, a Singapore Exchange-listed agribusiness giant, highlighted that acquiring the remaining stake in PZ Wilmar demonstrates its commitment to Nigeria’s expanding food and agriculture sector. The company’s chairman and CEO, Kuok Hong, expressed confidence in Nigeria’s palm oil sector’s long-term potential, citing the country’s large and growing population as well as its suitability for palm cultivation.
Wilmar intends to continue developing both upstream and downstream businesses in Nigeria, leveraging the market’s strong demographics with over 200 million consumers. Despite gaining full ownership, Wilmar plans to collaborate with a local partner to support its operations in Nigeria post-acquisition.
Established in 2010, PZ Wilmar was a joint venture between PZ Cussons Plc and Wilmar International, becoming one of Nigeria’s largest sustainable palm oil businesses. While PZ Cussons Nigeria Plc, a subsidiary of PZ Cussons Plc, is not a shareholder in PZ Wilmar and remains unaffected by this transaction, PZ Cussons Plc sees this divestment as an opportunity to refocus on its core portfolio of hygiene, baby, and beauty products.
