FrieslandCampina WAMCO set to buy Nutricima
PZ Cussons has exchanged contracts for the sale of the assets associated with Nutricima’s business to FrieslandCampina WAMCO Nigeria Plc, an affiliate of Royal FrieslandCampina in the Netherlands.
Under Nigerian law, completion of the transaction is subject to merger clearance in Nigeria.
FrieslandCampina has a long history in Nigeria through its WAMCO subsidiary.
Caroline Silver, executive chair of PZ Cussons, said, “The proposed sale of Nutricima and the sale of Luksja are further steps forward under our ‘Focus, Scale and Accelerate’ strategy, as we continue to streamline the Group to focus investment on core Personal Care and Beauty brands. This will enable us to deliver higher margin earnings, in geographies which can scale, and support the return of the Group to sustainable, profitable growth.”
FrieslandCampina WAMCO has called an extraordinary general meeting in Lagos on April 21 to discuss the deal following a purchase agreement on March 13.