A joint statement on Wednesday reveals PZ Cussons PLC and Wilmar International Limited (“Wilmar”) jointly declared that they had reached a definitive agreement for Wilmar to pay $70 million in cash for PZ Cussons PLC’s 50% ownership share in PZ Wilmar Limited (“PZ Wilmar”).
It is stated that several pertinent approvals must be obtained before the deal can be completed. The announcement states that Wilmar will own all of the equity in PZ Wilmar after the acquisition is completed.
The statement available to BrandSpur news brand partially states that PZ Wilmar’s name will be changed when the deal is completed and that an announcement regarding the new name will be made when it is appropriate. It emphasized that although the acquisition is still pending the necessary clearances, it is anticipated to be completed in the final quarter of 2025.
According to the firms, the deal between PZ Wilmar’s two current joint venture partners creates a solid foundation for continuity and a seamless ownership transfer, with no significant effects on personnel or business operations anticipated.
Mr. Kuok Khoon Hong, Chairman and CEO of Wilmar, had this to say about the deal: “We would like to thank PZ Cussons for their cooperation and support since the inception of this joint venture in 2010, which has contributed to its success and leading market position in Nigeria. Wilmar is acquiring PZ Cussons plc’s 50% stake in PZ Wilmar as we are bullish on the long-term potential of Nigeria’s palm oil sector, given its large and growing population and suitability for palm cultivation.
“The Nigerian market’s strong demographics, with more than 200 million consumers, offer a significant opportunity for growth in food and nutrition. It is Wilmar’s intention to continue developing the upstream palm plantation and downstream businesses in Nigeria. As a global industry leader, Wilmar is well-positioned to invest and realise these opportunities following the completion of the transaction.
“However, we recognise the importance of having strong local partnerships in the markets where we operate and will be looking for a suitable local partner for the business,” the CEO added.
The joint venture with Wilmar in Nigeria has been a long-term and fruitful cooperation for both parties, according to Jonathan Myers, CEO of PZ Cussons plc. He expressed gratitude to the PZW staff for their contributions and outstanding outcomes over the years, as well as to the Wilmar leadership for their support.
