Wilmar International Acquires PZ Cussons’ Stake In PZ Wilmar For $70m.
In a significant move within the Nigerian edible oils market, Wilmar International Limited has agreed to purchase PZ Cussons Plc’s 50% equity stake in their joint venture, PZ Wilmar Limited, for a cash consideration of $70 million (£51 million). The announcement, made on Wednesday, 18 June 2025, marks PZ Cussons’ complete exit from the Nigerian palm oil business it co-founded with Wilmar in 2010.
PZ Wilmar, a leading player in Nigeria’s sustainable palm oil sector, produces popular household cooking oil brands such as Mamador and Devon King’s. The joint venture has grown to become one of the largest sustainable palm oil businesses in Nigeria, capitalising on the country’s strong market demographics, with over 200 million consumers. Following the completion of the transaction, Wilmar will assume full ownership of PZ Wilmar, with a new name for the entity to be announced in due course.
The deal, subject to relevant regulatory approvals, is expected to net PZ Cussons approximately $64 million (£47 million) after costs. Jonathan Myers, Chief Executive Officer of PZ Cussons, described the sale as a strategic step to exit a non-core category, stating, “We are exiting a non-core category, reducing the risk associated with our presence in Nigeria, and materially strengthening our balance sheet. The smooth transition of ownership offers continuity for colleagues and operations.” Myers also expressed gratitude to PZ Wilmar’s workforce for their significant contributions since the joint venture’s inception, which have driven substantial profit growth over the years.
Wilmar’s Chairman and CEO, Kuok Khoon Hong, acknowledged PZ Cussons’ role in the success of the joint venture, commenting, “We would like to thank PZ Cussons for their cooperation and support since 2010, which has contributed to PZ Wilmar’s leading market position in Nigeria.” He further highlighted Wilmar’s commitment to expanding both upstream and downstream operations in Nigeria, tapping into the country’s vast growth potential in food and nutrition.
The sale aligns with PZ Cussons’ broader strategy to streamline its portfolio and focus on core brands such as Imperial Leather and Carex. The Manchester-based company, which also owns St. Tropez and Morning Fresh, reported an 8% like-for-like revenue growth for the fiscal year ending 31 May 2025, with total turnover expected to reach £505 million. However, PZ Cussons trimmed its profit forecast to between £52 million and £55 million, citing additional £2 million costs from extended producer responsibility (EPR) regulations in the UK and a softer performance from its St. Tropez brand in the US.
The transaction has been noted as a strategic retreat for PZ Cussons from the volatile Nigerian market, where foreign exchange challenges and economic instability have posed risks. Meanwhile, Wilmar’s acquisition reinforces its dominance in the African edible oils sector, positioning it to further capitalise on Nigeria’s growing consumer base.
This deal comes amidst other challenges for Wilmar, including a separate $729 million security deposit paid to Indonesia’s Attorney General’s Office in April 2025, related to allegations of misconduct in palm oil export permits in 2022. While Wilmar denies wrongdoing and awaits a Supreme Court ruling, the company’s shares dropped by 3% following the news, reflecting investor concerns.
The acquisition of PZ Cussons’ stake in PZ Wilmar underscores Wilmar’s long-term commitment to Nigeria’s palm oil industry and signals a new chapter for PZ Wilmar as a wholly owned subsidiary of the Singapore-based agribusiness giant.
