Glanbia sells stake in Nutricima for €29 million

Global ingredients and performance nutrition group Glanbia has sold its stake in Nutricima for a cash consideration of £21 million (€29 million).

PZ Cussons, Glanbia’s partner in Nigeria-based Nutricima, agreed to acquire Glanbia’s 50 per cent stake.

As part of the deal, Glanbia Ingredients Ireland has entered into a long-term agreement with Nutricima for the supply of dairy ingredients.

"We believe this is the right move for Glanbia at this time. The region remains a significant market for dairy ingredients, particularly enriched milk powders," Glanbia managing director Siobhan Talbot said.

Nutricima generated profit before tax of approximately £1.3 million in the financial year ended 31 May 2014.