US EditionAfrica: Pz Drops Africa Exit Plan Amid Nigeria's Economic Recovery
PZ Cussons will restructure its African division, offloading £7 million in assets and adding financial safeguards after rejecting undervalued sale offers, citing double-digit revenue growth.
- In recent months, PZ Cussons said it will retain the group's African business, reversing the earlier sale plan as the board judged offers failed to reflect its value.
- After citing heavy losses and a planned Nigeria exit, PZ Cussons said recent favourable economic trends drove double-digit revenue growth in the group's African business.
- PZ Cussons will overhaul the division, planning targeted disposals of parts of the African arm and financial guardrails to manage currency risk, while nearly 80% of revenue in Nigeria comes from top brands.
- The group announced last summer the sale of its 50% stake in PZ Wilmar to Wilmar International for 70 million US dollars, and PZ Cussons abandoned the planned June sale of St Tropez.
- The firm pointed to long-term population growth of more than 900 million in Africa, and Jonathan Myers, chief executive of PZ Cussons, said the company is well-placed to win over the longer term.
16 Articles
16 Articles
Evening Standard
The IndependentPZ Cussons scraps plans to sell African arm
The Imperial and Carex maker said offers for the African business failed to recognise the value of the portfolio.
PZ Cussons Cites Economic Expansion In Nigeria To Keep Its African Business Running
PZ Cussons, a British multinational consumer goods company with its headquarters located in Manchester and owner of several top Nigerian brands, has chosen to maintain its Africa division, citing positive economic data in Nigeria and robust population growth forecasts for the continent. Following the completion of an evaluation of its operations in Africa, the decision was revealed in a statement posted on its website on Thursday. Previously, …
UK Consumer Giant Makes U-turn over Africa Exit Plan as Nigeria’s Economy Steadies - Thepodiummedia
UK consumer goods group PZ Cussons has abandoned plans to exit Africa, choosing instead to strengthen its operations in Nigeria, Ghana, and Kenya, citing improving economic conditions and powerful long-term demographic trends across the continent. The decision, published on Thursday, December 11, on the company’s website, follows a strategic review launched in April 2024 and comes at a time when several multinationals have withdrawn from Nigeria…
PZ Cussons unveils growth strategy, drops plan to quit Africa
WorldStage– PZ Cussons has opted to retain its Africa operations and unveiled fresh expansion plans driven by renewed growth momentum in its key markets of Nigeria, Kenya and Ghana. This followed the conclusion of a strategic review, outlining an ambitious plan to strengthen the company’s presence across key markets on the continent. The company in a statement on its website on Thursday noted that the renewed focus formed part of a broader s…
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