PZ Cussons has sold its 50% stake in PZ Wilmar, a Nigerian palm oil venture, to Wilmar International for $70 million, exiting the sector to focus on core hygiene and beauty products.
The deal, announced Wednesday, awaits regulatory approval and is set to finalize by December 2025. PZ Wilmar, formed in 2010, produces Mamador and Devon King’s cooking oils and operates palm plantations in Cross River State. Wilmar, a Singapore-based agribusiness, will assume full ownership.
PZ Cussons’ CEO Jonathan Myers described the sale as a strategic move to simplify operations and reduce exposure to Nigeria’s volatile currency. The proceeds will reduce debt, strengthening the company’s balance sheet. The joint venture contributed £4.7 million to PZ Cussons’ operating profit in the first half of 2025.
Wilmar plans to partner with a local firm to support its Nigerian operations. The sale aligns with PZ Cussons’ portfolio overhaul, following a strategic review to prioritize competitive markets. The company reported 8% like-for-like revenue growth for the year, despite a profit outlook adjustment due to UK regulatory costs.
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