Global ingredients and performance nutrition group Glanbia has sold its stake in Nutricima for a cash consideration of £21 million (€29 million).
PZ Cussons, Glanbia’s partner in Nigeria-based Nutricima, agreed to acquire Glanbia’s 50 per cent stake.
As part of the deal, Glanbia Ingredients Ireland has entered into a long-term agreement with Nutricima for the supply of dairy ingredients.
"We believe this is the right move for Glanbia at this time. The region remains a significant market for dairy ingredients, particularly enriched milk powders," Glanbia managing director Siobhan Talbot said.
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Nutricima generated profit before tax of approximately £1.3 million in the financial year ended 31 May 2014.
