As part of a strategic portfolio review, PZ Cussons has divested of Nigerian Joint Venture.WHO: Formed in 2010 through a joint venture of PZ Cussons and Wilmar, PZ Wilmar is one of the largest sustainable palm oil businesses in Nigeria. Its edible cooking oils, sold under the brand names Mamador and Devon King’s, hold market-leading positions.WHY: In April 2024, the Group announced plans to maximize shareholder value through a portfolio transformation following a strategic review of brands and geographies. This included evaluating strategic options for its African business. The disposal of PZ Wilmar reduces the company’s exposure to Nigeria and simplifies its business structure.IN THEIR OWN WORDS: Jonathan Myers, Chief Executive Officer, PZ Cussons, said, “I am delighted to announce the sale of our stake in PZ Wilmar to our joint venture partner. In doing so, we are exiting a non-core category, reducing the risk associated with our presence in Nigeria, and materially strengthening our balance sheet. At the same time, the smooth transition of ownership offers continuity for colleagues and operations. I want to thank all our PZ Wilmar colleagues for the significant achievements since the inception of the JV in 2010, including the delivery of significant profit growth over this time. We wish the team continued success. Having delivered a solid FY25 performance, our focus now is to continue transforming PZ Cussons into a business with stronger brands in a more focused portfolio, delivering sustainable profitable growth.”DETAILS:PZ Cussons has agreed to sell its 50% equity stake in Nigerian joint venture PZ Wilmar to Wilmar International for $70 million.