Wilmar International Limited has reached a definitive agreement to acquire PZ Cussons Plc’s 50 per cent equity stake in PZ Wilmar Limited for a cash consideration of $70 million.
This acquisition, subject to the necessary regulatory approvals, will give Wilmar full ownership of PZ Wilmar, a statement by the company said. The joint venture between PZ Cussons and Wilmar was established in 2010 to develop and expand a sustainable palm oil business in Nigeria.
Over the past 15 years, PZ Wilmar has grown into one of the leading players in Nigeria’s edible oils market. Its flagship consumer brands, Mamador and Devon King’s, have become household names and are widely recognised as market leaders in the country.
In addition to its downstream processing and distribution operations, PZ Wilmar also holds minority interests in two palm oil plantations located in Nigeria, which are majority-owned and managed by Wilmar.
Wilmar International, headquartered in Singapore and listed on the Singapore Exchange, is a global agribusiness group with operations spanning the full value chain of agricultural commodity processing.
The acquisition of PZ Cussons’ stake in PZ Wilmar signals Wilmar’s deepening commitment to the Nigerian market and its confidence in the long-term prospects of the country’s agricultural and food manufacturing sectors.
With a population exceeding 200 million people and favourable agro-ecological conditions for palm oil cultivation, Nigeria represents a significant growth frontier for Wilmar’s integrated agribusiness strategy.
PZ Cussons Nigeria, the Nigerian subsidiary of PZ Cussons plc and a separate legal entity from PZ Wilmar, is not a shareholder in the joint venture and will remain unaffected by this transaction.
Its operations in Nigeria, spanning personal care, home care, and other consumer goods categories, will continue uninterrupted. Following the completion of the transaction, the name of PZ Wilmar will be changed to reflect its new ownership structure.
A formal announcement regarding the new name will be made in due course. The transition of ownership is expected to be seamless with no material changes anticipated to the business’s operational structure or workforce.
This continuity ensures that existing business relationships, supply chains, and customer commitments will be maintained without disruption. Commenting on the transaction, Chairman and CEO of Wilmar International, Kuok Khoon Hong expressed his appreciation for the longstanding collaboration with PZ Cussons Plc, which he credited with helping to build PZ Wilmar into a successful and respected business in Nigeria.
He emphasised Wilmar’s optimism about the future of Nigeria’s palm oil industry, noting that the country’s demographics, market size, and agricultural potential offer compelling opportunities for growth.
Kuok also reaffirmed Wilmar’s intention to invest further in both upstream and downstream segments of the palm oil value chain and stated that Wilmar is actively seeking to establish a strong local partnership to support its long-term ambitions in the country.
He extended his thanks to Wilmar for their cooperation and to the PZ Wilmar employees for their hard work and contributions over the years. Myers expressed confidence that under Wilmar’s full ownership, PZ Wilmar is well-positioned to strengthen its market leadership and continue delivering value to consumers in Nigeria. He also reiterated PZ Cussons’ focus on investing in and growing its core consumer goods business across its key markets.
