PZ CUSSONS PLC (PZC.LN), a manufacturer and distributor of soaps, detergents, toiletries and pharmaceuticals said Monday that it plans to expand its presence in the food and nutrition category in Nigeria.

MAIN FACTS:

-A food ingredients business is being established as a joint venture with Singapore based Wilmar International Ltd, Asia's leading agribusiness group.

-The intention is to develop a range of branded products including edible oils and nutritional spreads.

-The joint venture will secure the availability, quality and cost of the oil ingredients through the construction of a palm oil refinery in Nigeria, expected to be completed within two years.

-PZ Cussons' share of the investment in the joint venture will be $27 million over two years.

-Following completion of the refinery, the joint venture is expected to be earnings enhancing in its first full year of trading.

-Nutricima, the joint venture with Glanbia PLC which develops nutritional beverages for the Nigerian market, continues unaffected and independently of the new joint venture.

-Shares closed Friday at 392.90 pence, valuing the company at GBP1.68 billion.

-By Razak Musah Baba, Dow Jones Newswires; 44-20-7842-9275; razak.baba@dowjones.com
Grafico Azioni Wilmar (PK) (USOTC:WLMIY)
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