Glanbia to Sell Stake in Nigerian Unit for GBP21m to PZ Cussons

Glanbia to sell 50% stake in Nutricima, joint venture based in Nigeria, for GBP21m cash to PZ Cussons, which is partner in operation, co. says in statement.

* Nutricima generated pre-tax profit of GBP1.3m in financial year ended May 31 2014;
* Nigerian venture “no longer fits the group’s strategic priorities”;
* Glanbia has entered into long-term agreement to supply dairy ingredients to Nutricima as part of deal. Source: Bloomberg