Wilmar International Acquires PZ Cussons' Stake in PZ Wilmar JV

Wilmar International Limited, a Singapore-based company, has agreed to acquire PZ Cussons PLC's 50% stake in their joint venture PZ Wilmar. The acquisition will give Wilmar full ownership of the JV, expanding its edible food products business, particularly in Africa.

Wilmar International Limited, a Singapore-based company, has agreed to acquire PZ Cussons PLC's 50% stake in their joint venture PZ Wilmar. The acquisition will give Wilmar full ownership of the JV, expanding its edible food products business, particularly in Africa.

The transaction, announced on June 18, 2025, involves Wilmar International purchasing PZ Cussons' stake for USD70 million. The acquisition comes as Wilmar aims to bolster its presence in the Nigerian palm oil sector, which it views as having significant growth potential due to the country's large and growing population [2].

PZ Wilmar, established in 2010, sells edible oils under the brand names Mamador and Devon King's. The JV, which is one of the largest sustainable palm oil businesses in Nigeria, has contributed GBP4.7 million to PZ Cussons' group adjusted operating profit in the half-year to November 30 [1].

The acquisition is expected to be completed in the last quarter of 2025, subject to relevant approvals, and will not have a material impact on Wilmar's consolidated net tangible assets and earnings per share. Additionally, the transaction is not expected to have a substantive impact on PZ Wilmar's people or operations [2].

PZ Cussons, which also owns Imperial Leather and St Tropez, expects to report group like-for-like revenue growth of 8% for the full-year, with reported revenue of around GBP505 million. The company has trimmed the top end of its annual profit outlook due to the softer St Tropez US performance and the impact of the extended producer responsibility rule in the UK [1].

Wilmar's shares fell to their lowest levels in more than five years at S$2.89 on Wednesday, trading 3% lower at S$2.92 [2].

References:
[1] https://www.marketscreener.com/quote/stock/PZ-CUSSONS-PLC-9590103/news/PZ-Cussons-sells-stake-in-Nigeria-joint-venture-narrows-profit-view-50272167/
[2] https://www.businesstimes.com.sg/companies-markets/wilmar-buy-over-nigeria-incorporated-palm-oil-business-british-jv-partner-us70-million