Wilmar International has acquired PZ Cussons’ 50% stake in PZ Wilmar for $70 million, taking full control of Mamador and Devon King’s oil brands in Nigeria

[dropcap]S[/dropcap]ingapore-listed agribusiness giant Wilmar International Limited has signed an agreement to acquire the remaining 50 per cent equity stake in PZ Wilmar Limited from PZ Cussons Plc for a cash consideration of $70 million.

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The transaction, announced on Wednesday, is expected to close by the final quarter of 2025, subject to regulatory approvals.

Once completed, Wilmar will take full control of PZ Wilmar, the Nigerian-based producer of household cooking oil brands such as Mamador and Devon King’s.

The acquisition marks the end of PZ Cussons’ 15-year involvement in the Nigerian palm oil industry, which it jointly entered with Wilmar in 2010.

In a joint statement, the companies confirmed the signing of definitive terms, stating: “PZ Cussons Plc and Wilmar International Limited have agreed definitive terms for Wilmar to purchase the 50 per cent equity stake in PZ Wilmar Limited held by PZ Cussons Plc, for a cash consideration of $70 million.”

Jonathan Myers, CEO of PZ Cussons Plc, described the move as the conclusion of a “long-term and rewarding” partnership, expressing appreciation for Wilmar’s leadership and the contributions of employees over the years.

“PZ Wilmar is in the best possible hands to build further on its market-leading position,” he said, reaffirming PZ Cussons’ focus on its core categories, including hygiene, baby care, and beauty.

The deal, according to the statement, is structured to ensure a smooth transition, with no significant disruptions anticipated in operations or staffing.

A new name for the company is expected to be unveiled following the finalisation of the transaction.

Wilmar’s Chairman and CEO, Kuok Khoon Hong, praised PZ Cussons’ role in building a leading player in Nigeria’s consumer goods space.

He reaffirmed Wilmar’s long-term confidence in Nigeria’s palm oil sector, citing the country’s vast population and natural suitability for palm cultivation.

“Wilmar is acquiring PZ Cussons’ stake because we are bullish on Nigeria’s potential. With over 200 million people, Nigeria offers strong growth opportunities in food and nutrition,” Kuok said.

While Wilmar will now own PZ Wilmar outright, the company also signalled plans to identify a strong local partner to strengthen its operations in Nigeria going forward.

PZ Wilmar remains one of Nigeria’s largest sustainable palm oil companies and maintains minority interests in two plantations in the country, where Wilmar is the majority owner.

Also read: PZ promotes environmental sustainability with cleaning exercise

Meanwhile, PZ Cussons Nigeria Plc—PZ Cussons’ local subsidiary—clarified that it is not a shareholder in PZ Wilmar and is unaffected by the transaction. The company emphasised that the divestment allows it to refocus on its main product lines.

Source: Read more at thesun.ng